Integrity Capital Income Fund 10-K 1 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 31, 2015	Jan. 29, 2016	Apr. 30, 2015
Document And Entity Information
Entity Registrant Name	Integrity Capital Income Fund, Inc.
Entity Central Index Key	1,598,893
Document Type	10-K
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 11,737,562
Entity Common Stock, Shares Outstanding		2,308,650
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

STATEMENTS OF ASSETS, LIABILITI

STATEMENTS OF ASSETS, LIABILITIES AND NET ASSETS - USD ($)	Oct. 31, 2015	Oct. 31, 2014
Investments at fair value
Non-controlled/non-affiliate company investments	$ 15,699,391	$ 6,261,616
Controlled affiliate company investments	902,312	0
Total Investments at fair value (cost $16,126,912 and $6,261,616)	16,601,703	6,261,616
Cash and cash equivalents	3,764,999	900,185
Interest receivable	245,706	41,730
Deferred offering costs, net	0	31,593
Prepaid insurance	14,854	14,854
Other assets	53,500	0
Total assets	20,680,762	7,249,978
LIABILITIES:
Deferred loan origination fees income	35,649	82,750
Due to advisor	119,157	76,257
Line of credit payable	1,701,008	0
Income taxes payable	0	44,275
Total liabilities	$ 1,855,814	$ 203,282
Commitments and contingencies (Note 6)
NET ASSETS	$ 18,824,948	$ 7,046,696
NET ASSETS REPRESENTED BY SHAREHOLDERS' EQUITY:
Common stock, par value $0.0001 per share, 200,000,000 shares authorized; 1,849,246 and 714,377 common shares issued and outstanding	185	71
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; Zero shares issued and outstanding	0	0
Paid-in capital in excess of par value	18,288,938	7,143,699
Net unrealized appreciation (depreciation) on investments	531,023	0
Accumulated undistributed net investment income	4,802	(97,074)
TOTAL NET ASSETS REPRESENTED BY SHAREHOLDERS' EQUITY	$ 18,824,948	$ 7,046,696
Net asset value per share	$ 10.18	$ 9.86

STATEMENTS OF ASSETS, LIABILIT3

STATEMENTS OF ASSETS, LIABILITIES AND NET ASSETS (Parenthetical) - USD ($)	Oct. 31, 2015	Oct. 31, 2014
Statement of Financial Position [Abstract]
Investments, at cost	$ 16,126,912	$ 6,261,616
Common stock, par value	$ .0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	1,849,246	714,377
Common stock, shares outstanding	1,849,246	714,377
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS	Oct. 31, 2015USD ($)Contracts	Oct. 31, 2014USD ($)Contracts
Investments, at cost	$ 16,126,912	$ 6,261,616
Investments at fair value	16,601,703	6,261,616
Unrealized appreciation (depreciation) on investments	$ 531,023	$ 0
% of Net Assets	88.20%	88.90%
5500 South Quebec Holdings, LLC
Investments, at cost	$ 2,500,000
Investments at fair value	$ 2,502,845
Interest Rate	8.00%
Unrealized appreciation (depreciation) on investments	$ 2,845
% of Net Assets	13.20%
Aequitas Commercial Finance, LLC
Investments, at cost	$ 500,000
Investments at fair value	$ 500,000
Interest Rate	14.50%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	2.70%
Aequitas Peer-To-Peer Funding, LLC
Investments, at cost	$ 500,000
Investments at fair value	$ 500,000
Interest Rate	14.50%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	2.70%
Aequitas Peer-To-Peer Funding, LLC
Investments, at cost	$ 75,000
Investments at fair value	$ 75,000
Interest Rate	14.50%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	0.40%
Ajubeo, LLC
Investments, at cost	$ 375,000
Investments at fair value	$ 350,489
Interest Rate	8.00%
Unrealized appreciation (depreciation) on investments	$ (24,511)
% of Net Assets	1.90%
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	2.70%	7.10%
Care Payment Holdings, LLC
Investments, at cost	$ 1,000,000
Investments at fair value	$ 1,000,000
Interest Rate	12.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	5.30%
eCOS, LLC
Investments, at cost	$ 879,800
Investments at fair value	$ 879,800
Interest Rate	12.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	4.70%
Northstar Portfolio, LLC
Investments, at cost	$ 3,750,000
Investments at fair value	$ 3,750,000
Interest Rate	6.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	19.80%
Subsentio, LLC
Investments, at cost	$ 800,000
Investments at fair value	$ 800,000
Interest Rate	10.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	4.20%
PCM Tax Lien Fund, LP
Investments, at cost	$ 902,312
Investments at fair value	$ 902,312
Interest Rate	7.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	4.80%
TVO Capital Management, LLC - Westport on the River
Investments, at cost	$ 987,000
Investments at fair value	$ 987,000
Interest Rate	8.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	5.20%
TVO North America, LLC
Investments, at cost	$ 500,000
Investments at fair value	$ 500,000
Interest Rate	12.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	2.70%
TVO North America, LLC
Investments, at cost	$ 820,000
Investments at fair value	$ 820,000
Interest Rate	12.00%
Unrealized appreciation (depreciation) on investments	$ 0
% of Net Assets	4.40%
Debt Securities
Investments, at cost	$ 14,089,112	$ 5,796,500
Investments at fair value	14,067,446	$ 5,796,500
Unrealized appreciation (depreciation) on investments	$ (21,666)
% of Net Assets	74.70%	82.30%
Equity Securities, 5500 South Quebec Holdings, LLC
Investments, at cost	$ 0
Investments at fair value	0
Unrealized appreciation (depreciation) on investments	$ 0
Number of contracts/shares | Contracts	49
% of Net Assets	0.00%
Equity Securities, Ajubeo, LLC
Investments, at cost	$ 0
Investments at fair value	181,137
Unrealized appreciation (depreciation) on investments	$ 181,137
Number of contracts/shares | Contracts	73,424
% of Net Assets	1.00%
Equity Securities, Subsentio, LLC
Investments, at cost	$ 0
Investments at fair value	119,947
Unrealized appreciation (depreciation) on investments	$ 119,947
Number of contracts/shares | Contracts	136,459
% of Net Assets	0.60%
Equity Securities
Investments, at cost	$ 0
Investments at fair value	301,084
Unrealized appreciation (depreciation) on investments	$ 301,084
% of Net Assets	1.60%
Investments in Partnership interests, BAL Riverchase Capital Partners, LLC
Investments, at cost	$ 850,000
Investments at fair value	850,000
Unrealized appreciation (depreciation) on investments	$ 0
Non-Voting Preferred Ownership	14.00%
% of Net Assets	4.50%
Investments in Partnership interests, NCP 2014, LLC
Investments, at cost	$ 400,000
Investments at fair value	498,983
Unrealized appreciation (depreciation) on investments	$ 98,983
Non-Voting Preferred Ownership	40.00%
% of Net Assets	2.70%
Investments in Partnership interests, NCPGM Georgia, LLC
Investments, at cost	$ 287,800
Investments at fair value	357,250
Unrealized appreciation (depreciation) on investments	$ 69,450
Non-Voting Preferred Ownership	40.00%
% of Net Assets	1.90%
Investments in Partnership interests, Total equity securities
Investments, at cost	$ 1,537,800
Investments at fair value	1,706,233
Unrealized appreciation (depreciation) on investments	$ 168,433
% of Net Assets	9.10%
Investment in other investment companies, Landmark Dividend Growth Fund - G LLC
Investments, at cost	$ 500,000
Investments at fair value	526,940
Unrealized appreciation (depreciation) on investments	$ 26,940
Number of contracts/shares | Contracts	505,000
% of Net Assets	2.80%
Total other investment companies
Investments, at cost	$ 500,000	$ 465,116
Investments at fair value	526,940	$ 465,116
Unrealized appreciation (depreciation) on investments	$ 26,940
Number of contracts/shares | Contracts	505,000	500
% of Net Assets	2.80%	6.60%
Camel Parkwood, LLC
Investments, at cost		$ 3,257,500
Investments at fair value		$ 3,257,500
Interest Rate		11.00%
% of Net Assets		46.20%
TLC Fund 2012, LLC
Investments, at cost		$ 239,000
Investments at fair value		$ 239,000
Interest Rate		11.50%
% of Net Assets		3.40%
Brighton East Land, LLC
Investments, at cost		$ 1,800,000
Investments at fair value		$ 1,800,000
Interest Rate		13.00%
% of Net Assets		25.50%
Investment in other investment companies, Aequitas WRFF I, LLC
Investments, at cost		$ 465,116
Investments at fair value		$ 465,116
Number of contracts/shares | Contracts		500
% of Net Assets		6.60%

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
From non-controlled/non-affiliate company investments:
Interest on investment	$ 225,334	$ 914,979
Fee income	14,750	131,899
Dividend income	9,543	42,238
Other income	0	51,000
Total investment income from non-controlled/non-affiliate company investments	249,627	1,140,116
From controlled affiliate company investments:
Interest on investments	0	7,901
Total investment income from controlled affiliate company investments	0	7,901
Total investment income	249,627	1,148,017
EXPENSES:
Professional fees	92,391	256,099
Base management fees	54,192	186,360
Amortization of deferred offering costs	0	31,593
Marketing expenses	9,380	16,080
Custody fees	2,111	16,904
Insurance expense	646	15,500
Director fees	7,500	7,500
Organizational costs	134,947	0
Other expenses/(reimbursements)	31	(4,849)
Total expenses	301,198	525,187
Management fees waived (Note 4)	(25,056)	0
Operating expenses (reimbursed) (Note 4)	(177,030)	(160,342)
Net expenses	99,112	364,845
NET INVESTMENT INCOME	150,515	783,172
Net change in unrealized appreciation on investments:
Non-controlled/non-affiliate company investments	0	474,791
Net realized and unrealized gain on investments	0	474,791
Income tax expense	44,275	0
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 106,240	$ 1,257,963
Net investment income per common share - basic and diluted	$ 0.33	$ 0.63
Earnings per common share - basic and diluted	$ 0.23	$ 1.01
Weighted average shares of common stock outstanding - basic and diluted	462,647	1,239,732
Distributions declared per common share	$ 0.37	$ 0.75

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS - USD ($)	3 Months Ended			11 Months Ended	12 Months Ended
	Oct. 31, 2015	Jan. 31, 2015	Oct. 31, 2014	Oct. 31, 2014	Oct. 31, 2015
Common Stock
Beginning Balance, Shares		714,377		0	714,377
Beginning Balance, Amount		$ 71		$ 0	$ 71
Issuance of common stock, Shares				714,377	1,134,869
Issuance of common stock, Amount				$ 71	$ 114
Ending Balance, Shares	1,849,246		714,377	714,377	1,849,246
Ending Balance, Amount	$ 185		$ 71	$ 71	$ 185
Paid-in Capital in Excess of Par Value
Beginning Balance, Amount		7,143,699		0	7,143,699
Issuance of common stock, Amount				7,143,699	11,468,386
Ending Balance, Amount	18,612,085		7,143,699	7,143,699	18,612,085
Accumulated undistributed net investment income
Beginning Balance, Amount		(97,074)		0	(97,074)
Net increase in net assets resulting from operations				106,240	783,172
Distributions of income				(203,314)	(741,394)
Tax return of capital					(206,817)
Ending Balance, Amount	(262,113)		(97,074)	(97,074)	(262,113)
Net unrealized appreciation (depreciation) on investments
Beginning Balance, Amount		0		0	0
Net increase in net assets resulting from operations					474,791
Ending Balance, Amount	474,791		0	0	474,791
Beginning Balance, Amount		7,046,696		0	7,046,696
Issuance of common stock, Amount				7,143,770	11,468,500
Net increase in net assets resulting from operations	509,960	$ 248,243	56,705	106,240	1,257,963
Distributions of income				(203,314)	948,211
Tax return of capital					(206,817)
Ending Balance, Amount	$ 18,824,948		$ 7,046,696	$ 7,046,696	$ 18,824,948

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets resulting from operations	$ 106,240	$ 1,257,963
Adjustments to reconcile net increase in shareholders' equity resulting from operations to net cash used in operating activities:
Purchase of investments	(6,261,616)	(15,387,912)
Net proceeds from investments	0	5,522,616
Net change in unrealized appreciation on investments	0	(474,791)
Amortization of deferred offering costs	0	31,593
Amortization of deferred loan origination fees	0	(131,899)
PIK interest	0	(107,000)
Change in assets and liabilities:
Prepaid insurance	(14,854)	0
Interest receivable	(41,730)	(96,976)
Payments for capitalized organizational costs	(31,593)	0
Due to Adviser, net	76,257	42,900
Taxes payable	44,275	(44,275)
Other Assets	0	(53,500)
Deferred loan origination fees	82,750	84,798
Net cash used in operating activities	(6,040,271)	(9,356,483)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuances of common stock	7,143,770	11,468,500
Distributions of income paid	(203,314)	(741,394)
Distributions of return of capital paid	0	(323,147)
Borrowings on line of credit	0	1,701,008
Net cash provided by financing activities	6,940,456	12,221,297
NET CHANGE IN CASH AND CASH EQUIVALENTS	900,185	2,864,814
CASH AND CASH EQUIVALENTS - Beginning of period	0	900,185
CASH AND CASH EQUIVALENTS - End of period	900,185	3,764,999
SUPPLEMENTAL DISCLOSURE:
Taxes, including excise tax, paid during the period	0	(38,318)
Distributions declared and paid during the period	(203,314)	948,211
Supplemental non-cash activity:
Interest receivable converted to investment	$ 0	$ 23,312

1. ORGANIZATION

1. ORGANIZATION	12 Months Ended
	Oct. 31, 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 by 1) accessing established relationship channels of Integrity Trust Company, (2) selecting investments within our core markets, (3) partnering with experienced private equity, real estate and investment firms, (4) implementing the disciplined underwriting standards of Integrity Trust Company and (5) drawing upon the combined experience and resources of Integrity Trust Company and its affiliates. We generally invest in securities that have not been rated by independent rating agencies or that would be rated below investment grade if they were rated. These securities have predominately speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. 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. On December 1, 2015, Integrity Trust Company, LLC ("Integrity Trust Company") was opened to accept all lines of business from the Adviser. Integrity Trust Company is an affiliate of Integrity Bank & Trust and has the same employees and address as the prior Adviser and there is no change in ownership or management. The Company notes that this change will have no impact on services or relationships with clients.

2. SIGNIFICANT ACCOUNTING POLIC

2. SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
2. SIGNIFICANT ACCOUNTING POLICIES	Basis of Accounting The accompanying 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-K 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 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. 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. See further description of fair value methodology in Note 5. 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). As of October 31, 2015, the deferred offering costs incurred by the Company had been fully amortized. Organization Costs Organization costs are expenses such as legal fees incurred to establish and incorporate the Company. Organization costs have been expensed as incurred. 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 year ended October 31, 2015 and period ended October 31, 2014, the Company earned interest income of $922,880 and $225,334, respectively. As of October 31, 2015 and October 31, 2014, the Company had interest receivable of $245,706 and $41,730, respectively. Fee income such as origination, closing, commitment, structuring and other upfront fees are generally non-recurring and are recognized as revenue when earned. In instances where the Company does not perform significant services in connection with the related investment, fees paid to the Company may be deferred and amortized over the estimated life of the investment. Upon prepayment of a loan or debt security, any prepayment penalties and unamortized loan origination or other upfront fees are recorded as income. For the periods ended October 31, 2015 and October 31, 2014, the Company received loan origination fees of $84,798 and $97,500, respectively. For the year ended October 31, 2015, total non-recurring investment income included $131,899 and $14,750 of amortization of loan origination fees, respectively, which includes $41,958 of unamortized origination fees recorded as income pursuant to a loan prepayment in October 2015. As this revenue is non-recurring in nature, these fees cannot be guaranteed to generate revenue for the Company in the future. 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. 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, 2015, the Company held three investments, Ajubeo, Inc., Northstar Portfolio, LLC and 5500 South Quebec Holdings, LLC with contractual PIK interest. As of October 31, 2015 the balance of accrued PIK interest related to these investments were $26,583, $23,750, and $56,667, respectively. All PIK interest amounts are recorded within the interest receivable balance as of October 31, 2015. The Company notes that investments held with PIK interest do not have cash interest rates. For the period ended October 31, 2014, the Company did not hold any investments with contractual PIK interest. 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 year ended October 31, 2015, the Company recorded dividend income of $42,238,and for the period ended October 31, 2014 the Company recorded dividend income of $9,543. 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 October 31, 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 year ended October 31, 2015 there were partial loan sales which met the definition of a participating interest to an unrelated third party of $540,000 and $800,000 of the Company's interest in its Promissory Note in Camel Parkwood, LLC. There was no gain or loss resulting from this partial loan sale. For the period ended October 31, 2014, there were no partial loan sales. Income Taxes The Company has elected to be treated as a BDC under the 1940 Act. The Company elected to be treated as a RIC under the Internal Revenue Code beginning with the tax year ending October 31, 2015. Such election was made upon the filing of the Company's first federal tax return for RIC purposes. In order to continue to qualify as a RIC, among other things, the Company must 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 has made the requisite distributions to its stockholders, which generally relieves 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 it distributes at least annually to its stockholders as distributions of income. 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) 98.0% of ordinary income for each calendar year, (ii) 98.2% 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 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 accounts for income taxes in conformity with ASC Topic 740 — Income Taxes ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material uncertain income tax positions through October 31, 2015. All tax years since inception remain subject to examination by U.S. federal and most state tax authorities. Distributions Distributions to common stockholders are recorded on the record date. The amount to be paid out as a 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. During the year ended October 31, 2015, there were total distributions of $948,211; of which $741,394 were distributions from ordinary income and $206,817 were return of capital. For the period ended October 31, 2014, there were no distributions of return of capital. Accounting for derivative instruments The Company does not utilize hedge accounting and marks its derivatives, if any, to market through a net change in unrealized appreciation (depreciation) on derivative instruments in the statements of operations. Recent accounting pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Interest — Imputation of interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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, FASB issued ASU 2015-07 "Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value ("NAV") 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. This guidance is effective for annual and interim periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt ASU 2015-07 as of October 31, 2015.

3. BORROWINGS

3. BORROWINGS	12 Months Ended
	Oct. 31, 2015
Borrowings
3. BORROWINGS	Revolving Credit Facility On October 21, 2015, the Company entered into a senior secured revolving credit facility up to $3,200,000. The line of credit expires on October 21, 2016, unless extended. Borrowings under the line of credit bear interest at a fixed rate of 4.85%. All borrowings are collateralized by all assets of the Company. The outstanding balance on the line of credit was $1,701,008 at October 31, 2015. Borrowings under the line of credit are subject to certain financial covenants and restrictions on indebtedness, distribution of income payments, financial guarantees, business combinations, and other related items. As of October 31, 2015, the Company is in compliance with all covenants. In accordance with the Investment Company Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 200% after such borrowing. As of October 31, 2015, the Company's asset coverage was 1207%.

4. RELATED PARTY AND AGREEMENTS

4. RELATED PARTY AND AGREEMENTS	12 Months Ended
	Oct. 31, 2015
Related Party Transactions [Abstract]
4. 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 year ended October 31, 2015, the Adviser earned $186,360 in base management fees. For the period December 10, 2013 through October 31, 2014, the Adviser earned $54,192 in base management fees. There was no Incentive Fee for the year ended October 31, 2015 and the period December 10, 2013 through October 31, 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 year ended October 31, 2015, the Adviser earned $16,904 in custody fees. There were custody fees of $2,111 incurred for the period December 10, 2013 (inception) through October 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 total operating expense to 2.34% of total operating expenses of the Company. Effective September 1, 2014, the OELA was amended to 2.95%, whereby any expenses in excess of the OELA will be reimbursed to the Company by the Adviser. However, the Adviser will be able to recoup from the Company these expenses reimbursed in excess of the limit over a period not to exceed three years. The total amount of operating expenses incurred by the Company which exceeded the limit and were reimbursed by the Adviser for the year ended October 31, 2015 was $160,342. Such expenses paid by the Adviser each quarter will be subject to reimbursement to the Adviser over a period not to exceed three years, if the Company's expense ratio for such future period is less than the 2.95% limit or 2.34% limit related to each respective period. The OELA remains in effect until terminated by the Company and Adviser. The following table presents the amounts reimbursed by the Adviser and the expiration date for such future possible reimbursement by the Company. Date Reimbursed Amount Expiration Date June 30, 2014 $ 121,939 June 30, 2017 October 31, 2014 55,091 October 31, 2017 January 31, 2015 77,836 January 31, 2018 April 30, 2015 49,943 April 30, 2018 July 31, 2015 15,643 July 31, 2018 October 31, 2015 16,920 October 31, 2018 $ 337,372 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 October 31, 2015, $119,157 is due to the Adviser for such reimbursements, net of the OELA reimbursed of $337,372. As of October 31, 2014, $76,257 was due to the Adviser for such reimbursements, net of $25,056 of management fees deferred and $177,030 of OELA reimbursed. The Due to Adviser balance is settled monthly in arrears. Amounts paid by the Adviser on behalf of the Company are non-interest bearing.

5. FAIR VALUE OF FINANCIAL INST

5. FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Oct. 31, 2015
Fair Value Disclosures [Abstract]
5. FAIR VALUE OF FINANCIAL INSTRUMENTS	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. Topic 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 Topic 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 October 31, 2015 and October 31, 2014 had no readily available market value and are included in Level 3 of the fair value hierarchy. 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 throughout this note.. 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. All 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, with interest, upon demand. If the property acquisitions are successful, TVO shall repay such interim loan's interest and the principal will convert to General Partner equity upon Final Close of each respective transaction. The following tables present information about the Company's assets measured at fair value on a recurring basis at October 31, 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 October 31, 2015 and October 31, 2014, there were no transfers in or out of Level 1, 2, and 3. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance at (Level 1) (Level 2) (Level 3) October 31, 2015 Investments: Debt Securities $ - $ - $ 14,067,446 $ 14,067,446 Equity Securities - - 301,084 301,084 Investments in Partnership Interests - - 1,706,233 1,706,233 Investment in Other Investment Companies* - - - 526,940 Total $ - $ - $ 16,074,763 $ 16,601,703 * In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the financial statements. Assets Measured at Fair Value on a Recurring Basis at October 31, 2015: The Company estimates that it will receive liquidating distributions from its investments in 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 General Partner (or "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. 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 (Level 1) (Level 2) (Level 3) October 31, 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 **The Company's investment in other investment companies at October 31, 2014 was stated at fair value based on a subsequent transaction in which the Company redeemed its interest in its Other Investment Company. Accordingly, the investment in Other Investment Companies is classified as Level 3 in the Topic ASC 820 fair value hierarchy as the investment was valued using a subsequent market transaction and not net asset value per share. Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis Debt Securities Equity Securities Investments in Partnership Interests Investment in Other Investment Companies Total 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 14,200,112 - 687,800 - 14,887,912 Sales of investments (5,057,500 ) - - (465,116 ) (5,522,616 ) Settlements/Conversions (850,000 ) - 850,000 - - Net unrealized gains/(losses) (21,666 ) 301,084 168,433 - 447,851 Balance at October 31, 2015 $ 14,067,446 $ 301,084 $ 1,706,233 $ - $ 16,074,763 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 October 31, 2015 and October 31, 2014. October 31, 2015 Type of Security Fair Value Valuation Technique Unobservable Input Range (Wtd Avg) Debt Securities $ 14,067,446 Yield Analysis Market Yield 6.0 - 14.5% (9.0%) Equity Securities $ 301,084 Earnings Multiple Market Comparables $ 301,084 Investments in Partnership Interests $ 1,706,233 Income Approach Capitalization Rate 6.4 - 7.8% (6.9%) 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.

6. COMMITMENTS AND CONTINGENCIE

6. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
6. 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 October 31, 2015 and had outstanding commitments of $34,884 as of October 31, 2014.

7. EARNINGS PER SHARE

7. EARNINGS PER SHARE	12 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
7. 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 year ended October 31, 2015 and period from December 10, 2013 (inception) to October 31, 2014. For the year ended October 31, From December 10, 2013 (inception) to October 31, 2015 2014 Earnings per share – basic and diluted: Net increase/(decrease) in shareholders' equity resulting from operations $ 1,257,963 $ 106,240 Weighted average shares outstanding – basic and diluted 1,239,732 462,647 Earnings per share – basic and diluted $ 1.01 $ 0.23

9. FINANCIAL HIGHLIGHTS

9. FINANCIAL HIGHLIGHTS	12 Months Ended
	Oct. 31, 2015
Financial Highlights
9. FINANCIAL HIGHLIGHTS	Per Share Data: For the year ended October 31, 2015 From December 10, 2013 (inception) to October 31, 2014 Net asset value at beginning of period $ 9.86 $ - Issuance of common stock - 10.00 Net investment income/(loss) (2) 0.63 0.33 Net realized and unrealized gain (loss) (2) 0.38 - Net increase in shareholders' equity 1.01 10.33 Accretive effect of share issuance above NAV (3) 0.06 - Shareholder distributions: From net investment income (0.59 ) (0.37 ) From return of capital (0.16 ) - Income tax expense - (0.10 ) Net asset value at end of period $ 10.18 $ 9.86 Shares outstanding at end of period 1,849,246 714,377 Ratio/Supplemental Data: Weighted average net assets at end of period 12,367,627 4,562,919 Total return based on net asset value (4) 10.24 % 2.30 % Ratio of gross operating expenses to average net assets 4.25 % 6.95 % (1) Deferred or reimbursed expenses -1.30 % -4.23 % (1) Ratio of net operating expenses to average net assets 2.95 % 2.72 % (1) Ratio of net investment income/(loss) to average net assets 6.33 % 4.25 % (1) Average debt outstanding (5) 1,700,504 - Average debt outstanding per share $ 1.37 $ - Portfolio turnover 54.58 % 0.00 % (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 distribution reinvestment plan. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized. (5) The average debt outstanding has been calculated using the initial funding date as the line of credit was not opened until the last month of the period. These financial highlights may not be indicative of the future performance of the Company. Financial highlights are calculated for all outstanding common stock as a whole. An individual shareholder's return and ratios may vary.

10. RISKS AND UNCERTAINTIES

10. RISKS AND UNCERTAINTIES	12 Months Ended
	Oct. 31, 2015
Risks and Uncertainties [Abstract]
10. 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 three investments with PIK interest, we note that the interest rate and warrants received 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.

11. INDEMNIFICATIONS

11. INDEMNIFICATIONS	12 Months Ended
	Oct. 31, 2015
Notes to Financial Statements
11. 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.

12. FEDERAL TAX INFORMATION

12. FEDERAL TAX INFORMATION	12 Months Ended
	Oct. 31, 2015
Federal Tax Information
12. FEDERAL TAX INFORMATION	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 generally does not pay corporate level federal income taxes on ordinary income or realized capital gains that are distributed. Prior to the conversion to a BDC, the income tax expense (benefit) consists of the following for the period ended October 31, 2014: October 31, 2014 Federal $ 37,994 State 6,281 $ 44,275 Current $ 44,275 Deferred - $ 44,275 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 period ended October 31, 2014: October 31, 2014 Expected at statutory rates $ 51,175 State taxes, net of federal benefit 4,145 Effect of graduated rates (11,045 ) Nondeductible expenses - $ 44,275 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 or accrued at October 31, 2014. The Company currently has no unrecognized tax benefit. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. These book/tax differences are either temporary or permanent in nature. The following amounts were reclassified for tax purposes: Year ended October 31, 2015 Paid-in Capital in excess of par $ (323,147 ) Increase in accumulated net realized gain - Distributions in excess of net investment income 323,147 Accumulated net realized loss - The permanent book-to-tax differences are primarily due to return of capital. The following reconciles net (decrease) increase in net assets resulting from operations to taxable income for the year ended October 31, 2015: Year ended October 31, 2015 Net (decrease) increase in net assets resulting from operations $ 1,257,963 Net change in the realized depreciation (appreciation) on investment (474,791 ) Other temporary book-to-tax difference (41,778 ) Taxable income before deductions for distributions $ 741,394 The following reconciles the components of undistributed taxable income on a tax basis to accumulated earnings/(deficit) on a book basis for the year ended October 31, 2015: Year ended October 31, 2015 Undistributed ordinary income - tax basis $ - Undistributed long-term capital gain (capital loss carryforward) (8,044 ) Other book to tax differences 12,846 Unrealized appreciation (depreciation) on investments and debt $ 531,023 Total accumulated deficit - book basis 535,825 The tax characteristics of distributions declared, in accordance with Section 19(a) of the 1940 Act, during the twelve months ended October 31, 2015 were as follows: Per Share Ordinary Distributions $ 741,394 $ 0.59 Return of capital 206,817 0.16 $ 948,211 $ 0.75 Taxable income generally differs from the change in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation (depreciation), as unrealized gains or losses are not included in taxable income until they are realized and the timing and tax classification of partnership income. As of October 31, 2015, the cost basis of investments for tax purposes was $16,070,680 resulting in estimated gross unrealized gains and losses of $555,534 and $24,511, respectively. As of October 31, 2014, the cost basis of investments for tax purposes was $6,261,616. There were no gross unrealized gains and losses for the period ended October 31, 2014. As of October 31, 2015, for tax purposes there was a $8,044 short term capital loss carryforward. The Company files federal and Colorado income tax returns. All tax years since inception remain open to examination.

13. SELECTED QUARTERLY FINANCIA

13. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Oct. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
13. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	Quarter Ended 4/30/2014 7/31/2014 10/31/2014 1/31/2015 4/30/2015 7/31/2015 10/31/2015 Total investment income $ 5,831 $ 105,581 $ 138,215 $ 220,515 $ 255,644 $ 251,549 $ 420,309 Net investment income $ (11,993 ) $ 85,375 $ 77,133 $ 157,600 $ 175,422 $ 154,116 $ 296,034 Net increase in net assets resulting from operations $ (11,993 ) $ 61,528 $ 56,705 $ 248,243 $ 289,323 $ 210,437 $ 509,960 Net increase in net assets resulting from operations per share (basic and diluted) $ (0.03 ) $ 0.14 $ 0.09 $ 0.29 $ 0.26 $ 0.16 $ 0.30

14. SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS	12 Months Ended
	Oct. 31, 2015
Subsequent Events [Abstract]
14. 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 November 2, 2015, NCP 2014, LLC sold its only remaining real estate asset and subsequently distributed $498,983 to the Company on November 12, 2015. NCP 2014, LLC withheld funds for final expenses and will make a final distribution to the Company, if any, once all anticipated expenses are paid. On December 16, 2015, the Company made an additional investment of $1,675,000 through a promissory note with 5500 South Quebec Holdings, LLC. On January 21, 2016, the Company made an additional investment of $321,750 through promissory notes with eCOS, LLC. The Company continued to pay its monthly distribution of $0.0625 per share. On November 19, 2015, the Company made a payment on its line of credit of $1,100,000. On December 1, 2015, the Company made a payment on its line of credit of $606,563 for the remaining principal and interest balance. From November 1, 2015 to November 16, 2015, the Company sold 116,471 shares of common stock at a price of $10.20 per share; from November 17, 2015 to December 1, 2015, the Company sold 263,143 shares of our common stock at a price of $10.16 per share; from December 2, 2015 to December 30, 2015, the Company sold 37,276 shares of our common stock at a price of $10.17 per share; and from December 31, 2015 to January 14, 2016, the Company sold 12,808 shares of common stock at $10.15 per share; and from January 15, 2016 to January 29, 2016, the Company sold 29,709 shares of common stock at $10.30 per share, for a total of $4,676,600 of new capital invested. On January 6, 2016, the Company notified the SEC that it intends to redeem up to 35,111 shares of common stock (the "Redeemed Shares"). If requests received for redemption exceed the number of shares available, then the Redeemed Shares will be repurchased on a pro rata basis at a price per share of $10.18, which represents the Company's net asset value per share at October 31, 2015.

2. SIGNIFICANT ACCOUNTING POL21

2. SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	The accompanying 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-K 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	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.
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. See further description of fair value methodology in Note 5.
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). As of October 31, 2015, the deferred offering costs incurred by the Company had been fully amortized.
Organization Costs	Organization costs are expenses such as legal fees incurred to establish and incorporate the Company. Organization costs have been expensed as incurred.
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 year ended October 31, 2015 and period ended October 31, 2014, the Company earned interest income of $922,880 and $225,334, respectively. As of October 31, 2015 and October 31, 2014, the Company had interest receivable of $245,706 and $41,730, respectively. Fee income such as origination, closing, commitment, structuring and other upfront fees are generally non-recurring and are recognized as revenue when earned. In instances where the Company does not perform significant services in connection with the related investment, fees paid to the Company may be deferred and amortized over the estimated life of the investment. Upon prepayment of a loan or debt security, any prepayment penalties and unamortized loan origination or other upfront fees are recorded as income. For the periods ended October 31, 2015 and October 31, 2014, the Company received loan origination fees of $84,798 and $97,500, respectively. For the year ended October 31, 2015, total non-recurring investment income included $131,899 and $14,750 of amortization of loan origination fees, respectively, which includes $41,958 of unamortized origination fees recorded as income pursuant to a loan prepayment in October 2015. As this revenue is non-recurring in nature, these fees cannot be guaranteed to generate revenue for the Company in the future. 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. 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, 2015, the Company held three investments, Ajubeo, Inc., Northstar Portfolio, LLC and 5500 South Quebec Holdings, LLC with contractual PIK interest. As of October 31, 2015 the balance of accrued PIK interest related to these investments were $26,583, $23,750, and $56,667, respectively. All PIK interest amounts are recorded within the interest receivable balance as of October 31, 2015. The Company notes that investments held with PIK interest do not have cash interest rates. For the period ended October 31, 2014, the Company did not hold any investments with contractual PIK interest. 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 year ended October 31, 2015, the Company recorded dividend income of $42,238,and for the period ended October 31, 2014 the Company recorded dividend income of $9,543. 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 October 31, 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 year ended October 31, 2015 there were partial loan sales which met the definition of a participating interest to an unrelated third party of $540,000 and $800,000 of the Company's interest in its Promissory Note in Camel Parkwood, LLC. There was no gain or loss resulting from this partial loan sale. For the period ended October 31, 2014, there were no partial loan sales.
Income Taxes	The Company has elected to be treated as a BDC under the 1940 Act. The Company elected to be treated as a RIC under the Internal Revenue Code beginning with the tax year ending October 31, 2015. Such election was made upon the filing of the Company's first federal tax return for RIC purposes. In order to continue to qualify as a RIC, among other things, the Company must 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 has made the requisite distributions to its stockholders, which generally relieves 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 it distributes at least annually to its stockholders as distributions of income. 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) 98.0% of ordinary income for each calendar year, (ii) 98.2% 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 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 accounts for income taxes in conformity with ASC Topic 740 — Income Taxes ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material uncertain income tax positions through October 31, 2015. All tax years since inception remain subject to examination by U.S. federal and most state tax authorities.
Distributions	Distributions to common stockholders are recorded on the record date. The amount to be paid out as a 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. During the year ended October 31, 2015, there were total distributions of $948,211; of which $741,394 were distributions from ordinary income and $206,817 were return of capital. For the period ended October 31, 2014, there were no distributions of return of capital.
Accounting for derivative instruments	The Company does not utilize hedge accounting and marks its derivatives, if any, to market through a net change in unrealized appreciation (depreciation) on derivative instruments in the statements of operations.
Recent accounting pronouncements	In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Interest — Imputation of interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. 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, FASB issued ASU 2015-07 "Fair Value Measurement (Topic 820) – Disclosures for Investments in Certain Entities that Calculate Net Asset Value ("NAV") 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. This guidance is effective for annual and interim periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt ASU 2015-07 as of October 31, 2015.

4. RELATED PARTY AND AGREEMEN22

4. RELATED PARTY AND AGREEMENTS (Tables)	12 Months Ended
	Oct. 31, 2015
Related Party And Agreements Tables
Schedule of Related Party Transactions	Date Reimbursed Amount Expiration Date June 30, 2014 $ 121,939 June 30, 2017 October 31, 2014 55,091 October 31, 2017 January 31, 2015 77,836 January 31, 2018 April 30, 2015 49,943 April 30, 2018 July 31, 2015 15,643 July 31, 2018 October 31, 2015 16,920 October 31, 2018 $ 337,372

5. FAIR VALUE OF FINANCIAL IN23

5. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Oct. 31, 2015
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance at (Level 1) (Level 2) (Level 3) October 31, 2015 Investments: Debt Securities $ - $ - $ 14,067,446 $ 14,067,446 Equity Securities - - 301,084 301,084 Investments in Partnership Interests - - 1,706,233 1,706,233 Investment in Other Investment Companies* - - - 526,940 Total $ - $ - $ 16,074,763 $ 16,601,703 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance at (Level 1) (Level 2) (Level 3) October 31, 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 Partnership Interests Investment in Other Investment Companies Total 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 14,200,112 - 687,800 - 14,887,912 Sales of investments (5,057,500 ) - - (465,116 ) (5,522,616 ) Settlements/Conversions (850,000 ) - 850,000 - - Net unrealized gains/(losses) (21,666 ) 301,084 168,433 - 447,851 Balance at October 31, 2015 $ 14,067,446 $ 301,084 $ 1,706,233 $ - $ 16,074,763
Quantitative Information About Level 3 Fair Value Measurements	October 31, 2015 Type of Security Fair Value Valuation Technique Unobservable Input Range (Wtd Avg) Debt Securities $ 14,067,446 Yield Analysis Market Yield 6.0 - 14.5% (9.0%) Equity Securities $ 301,084 Earnings Multiple Market Comparables $ 301,084 Investments in Partnership Interests $ 1,706,233 Income Approach Capitalization Rate 6.4 - 7.8% (6.9%) 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

7. EARNINGS PER SHARE (Tables)

7. EARNINGS PER SHARE (Tables)	12 Months Ended
	Oct. 31, 2015
Earnings Per Share [Abstract]
Computation of basic earnings per share	For the year ended October 31, From December 10, 2013 (inception) to October 31, 2015 2014 Earnings per share – basic and diluted: Net increase/(decrease) in shareholders' equity resulting from operations $ 1,257,963 $ 106,240 Weighted average shares outstanding – basic and diluted 1,239,732 462,647 Earnings per share – basic and diluted $ 1.01 $ 0.23

8. DISTRIBUTIONS FROM INCOME (T

8. DISTRIBUTIONS FROM INCOME (Tables)	12 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Schedule of Dividends Payable	Declaration Date Distribution Date Amount Per Share Cash Distribution 11/25/2014 11/26/2014 $0.0625 $ 52,455 12/25/2014 12/29/2014 $0.0625 $ 53,205 1/26/2015 1/28/2015 $0.0625 $ 59,530 2/25/2015 2/26/2015 $0.0625 $ 69,502 3/25/2015 3/26/2015 $0.0625 $ 70,264 4/25/2015 4/28/2015 $0.0625 $ 72,542 5/25/2015 5/27/2015 $0.0625 $ 76,954 6/25/2015 6/25/2015 $0.0625 $ 84,793 7/25/2015 7/28/2015 $0.0625 $ 90,605 8/25/2015 8/25/2015 $0.0625 $ 99,251 9/25/2015 9/25/2015 $0.0625 $105,112 10/26/2015 10/27/2015 $0.0625 $113,999

9. FINANCIAL HIGHLIGHTS (Tables

9. FINANCIAL HIGHLIGHTS (Tables)	12 Months Ended
	Oct. 31, 2015
Financial Highlights Tables
Summary of financial highlights	Per Share Data: For the year ended October 31, 2015 From December 10, 2013 (inception) to October 31, 2014 Net asset value at beginning of period $ 9.86 $ - Issuance of common stock - 10.00 Net investment income/(loss) (2) 0.63 0.33 Net realized and unrealized gain (loss) (2) 0.38 - Net increase in shareholders' equity 1.01 10.33 Accretive effect of share issuance above NAV (3) 0.06 - Shareholder distributions: From net investment income (0.59 ) (0.37 ) From return of capital (0.16 ) - Income tax expense - (0.10 ) Net asset value at end of period $ 10.18 $ 9.86 Shares outstanding at end of period 1,849,246 714,377 Ratio/Supplemental Data: Weighted average net assets at end of period 12,367,627 4,562,919 Total return based on net asset value (4) 10.24 % 2.30 % Ratio of gross operating expenses to average net assets 4.25 % 6.95 % (1) Deferred or reimbursed expenses -1.30 % -4.23 % (1) Ratio of net operating expenses to average net assets 2.95 % 2.72 % (1) Ratio of net investment income/(loss) to average net assets 6.33 % 4.25 % (1) Average debt outstanding (5) 1,700,504 - Average debt outstanding per share $ 1.37 $ - Portfolio turnover 54.58 % 0.00 %

12. FEDERAL TAX INFORMATION (Ta

12. FEDERAL TAX INFORMATION (Tables)	12 Months Ended
	Oct. 31, 2015
Federal Tax Information Tables
Components of Income Tax Expense (Benefit)	October 31, 2014 Federal $ 37,994 State 6,281 $ 44,275 Current $ 44,275 Deferred - $ 44,275
Schedule of Effective Income Tax Rate Reconciliation	October 31, 2014 Expected at statutory rates $ 51,175 State taxes, net of federal benefit 4,145 Effect of graduated rates (11,045 ) Nondeductible expenses - $ 44,275
Distributions from net investment income and net realized capital gains	Year ended October 31, 2015 Paid-in Capital in excess of par $ (323,147 ) Increase in accumulated net realized gain - Distributions in excess of net investment income 323,147 Accumulated net realized loss -
Reconciliation net (decrease) increase in net assets resulting from operations to taxable income	Year ended October 31, 2015 Net (decrease) increase in net assets resulting from operations $ 1,257,963 Net change in the realized depreciation (appreciation) on investment (474,791 ) Other temporary book-to-tax difference (41,778 ) Taxable income before deductions for distributions $ 741,394
Reconciliation of the components of undistributed taxable income on a tax basis to accumulated earnings/(deficit)	Year ended October 31, 2015 Undistributed ordinary income - tax basis $ - Undistributed long-term capital gain (capital loss carryforward) (8,044 ) Other book to tax differences 12,846 Unrealized appreciation (depreciation) on investments and debt $ 531,023 Total accumulated deficit - book basis 535,825
Tax characteristics of distributions declared	Per Share Ordinary Distributions $ 741,394 $ 0.59 Return of capital 206,817 0.16 $ 948,211 $ 0.75

13. SELECTED QUARTERLY FINANC28

13. SELECTED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Oct. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarter Ended 4/30/2014 7/31/2014 10/31/2014 1/31/2015 4/30/2015 7/31/2015 10/31/2015 Total investment income $ 5,831 $ 105,581 $ 138,215 $ 220,515 $ 255,644 $ 251,549 $ 420,309 Net investment income $ (11,993 ) $ 85,375 $ 77,133 $ 157,600 $ 175,422 $ 154,116 $ 296,034 Net increase in net assets resulting from operations $ (11,993 ) $ 61,528 $ 56,705 $ 248,243 $ 289,323 $ 210,437 $ 509,960 Net increase in net assets resulting from operations per share (basic and diluted) $ (0.03 ) $ 0.14 $ 0.09 $ 0.29 $ 0.26 $ 0.16 $ 0.30

4. RELATED PARTY AND AGREEMEN29

4. RELATED PARTY AND AGREEMENTS (Details) - USD ($)

Oct. 31, 2015

Jul. 31, 2015

[2]

Apr. 30, 2015

[3]

Jan. 31, 2015

[4]

Oct. 31, 2014

[5]

Jun. 30, 2014

[6]

Related party transaction, amount reimbursed

$ 16,920

[1]

$ 15,643

$ 49,943

$ 77,836

$ 55,091

$ 121,939

Total

Related party transaction, amount reimbursed

$ 337,372

[1]

Expiration date 10/31/2018

[2]

Expiration date 7/31/2018

[3]

Expiration date 4/30/2018

[4]

Expiration date 1/31/2018

[5]

Expiration date 10/31/2017

[6]

Expiration date 6/30/2017

5. FAIR VALUE OF FINANCIAL IN30

5. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Oct. 31, 2015		Oct. 31, 2014
Investments:
Debt Securities	$ 14,067,446		$ 5,796,500
Equity Securities	301,084
Investments in Partnership Interests	1,706,233
Investment in Other Investment Companies	526,940	[1]	465,116	[2]
Total	16,601,703		6,261,616
Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Debt Securities	0		0
Equity Securities	0
Investments in Partnership Interests	0
Investment in Other Investment Companies	0		0
Total	0		0
Significant Other Observable Inputs (Level 2)
Investments:
Debt Securities	0		0
Equity Securities	0
Investments in Partnership Interests	0
Investment in Other Investment Companies	0		0
Total	0		0
Significant Unobservable Inputs (Level 3)
Investments:
Debt Securities	14,067,446		5,796,500
Equity Securities	301,084
Investments in Partnership Interests	1,706,233
Investment in Other Investment Companies	0		465,116
Total	$ 16,074,763		$ 6,261,616
[1]	In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the financial statements.
[2]	The Company's investment in other investment companies at October 31, 2014 was stated at fair value based on a subsequent transaction in which the Company redeemed its interest in its Other Investment Company. Accordingly, the investment in Other Investment Companies is classified as Level 3 in the Topic ASC 820 fair value hierarchy as the investment was valued using a subsequent market transaction and not net asset value per share.

5. FAIR VALUE OF FINANCIAL IN31

5. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Fair value	$ 0	$ 6,261,616
Purchases of investments	6,261,616	14,887,912
Sales of investments		(5,522,616)
Settlements/Conversions		0
Net unrealized gains/(losses)		447,851
Fair value	6,261,616	16,074,763
Debt Securities
Fair value	0	5,796,500
Purchases of investments	5,796,500	14,200,112
Sales of investments		(5,057,500)
Settlements/Conversions		(850,000)
Net unrealized gains/(losses)		(21,666)
Fair value	5,796,500	14,067,446
Equity Securities
Fair value	0	0
Purchases of investments	0	0
Sales of investments		0
Settlements/Conversions		0
Net unrealized gains/(losses)		301,084
Fair value	0	301,084
Investment in Partnership Interests
Fair value	0	0
Purchases of investments	0	687,800
Sales of investments		0
Settlements/Conversions		850,000
Net unrealized gains/(losses)		168,433
Fair value	0	1,706,233
Investment in Other Investment Companies
Fair value	0	465,116
Purchases of investments	465,116	0
Sales of investments		(465,116)
Settlements/Conversions		0
Net unrealized gains/(losses)		0
Fair value	$ 465,116	$ 0

5. FAIR VALUE OF FINANCIAL IN32

5. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Fair value	$ 6,261,616	$ 16,074,763
Debt Securities
Fair value	$ 5,796,500	$ 14,067,446
Valuation Technique	Yield Analysis	Yield Analysis
Unobservable Input	Market Yield	Market Yield
Amount	11.00 – 13.00% (11.6%)	6.0 - 14.5 % (9.0%)
Equity Securities
Fair value	$ 0	$ 301,084
Valuation Technique		Earnings Multiple
Unobservable Input		Market Comparables
Amount		$ 301,084
Investment in Partnership Interests
Fair value	0	$ 1,706,233
Valuation Technique		Income Approach
Unobservable Input		Capitalization Rate
Amount		6.4 - 7.8% (6.9%)
Investment in Other Investment Companies
Fair value	$ 465,116	$ 0
Valuation Technique	Subsequent Market Transaction
Unobservable Input	Redemption Agreement
Amount	$ 465,116

6. COMMITMENTS AND CONTINGENC33

6. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Oct. 31, 2015	Oct. 31, 2014
Commitments And Contingencies Details Narrative
Commitments	$ 0	$ 34,884

7. EARNINGS PER SHARE (Details)

7. EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended							11 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Oct. 31, 2014	Oct. 31, 2015
Earnings per share - basic and diluted:
Net increase in net assets resulting from operations	$ 509,960	$ 210,437	$ 289,323	$ 248,243	$ 56,705	$ 61,528	$ (11,993)	$ 106,240	$ 1,257,963
Weighted average shares outstanding - basic and diluted								462,647	1,239,732
Earnings per share - basic and diluted	$ 0.3	$ 0.16	$ 0.26	$ 0.29	$ 0.09	$ 0.14	$ (0.03)	$ 0.23	$ 1.01

8. DISTRIBUTIONS FROM INCOME (D

8. DISTRIBUTIONS FROM INCOME (Details) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Amount Per Share	$ 0.37	$ 0.75
Dividend November 2014
Declaration Date		Nov. 25, 2014
Distribution Date		Nov. 26, 2014
Amount Per Share		$ 0.06
Cash Distribution		$ 52,455
Dividend December 2014
Declaration Date		Dec. 25, 2014
Distribution Date		Dec. 29, 2014
Amount Per Share		$ 0.06
Cash Distribution		$ 53,205
Dividend January 2015
Declaration Date		Jan. 26, 2015
Distribution Date		Jan. 28, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 59,530
Dividend February 2015
Declaration Date		Feb. 25, 2015
Distribution Date		Feb. 26, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 69,502
Dividend March 2015
Declaration Date		Mar. 25, 2015
Distribution Date		Mar. 26, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 70,264
Dividend April 2015
Declaration Date		Apr. 25, 2015
Distribution Date		Apr. 28, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 72,542
Dividend May 2015
Declaration Date		May 25, 2015
Distribution Date		May 27, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 76,954
Dividend June 2015
Declaration Date		Jun. 25, 2015
Distribution Date		Jun. 25, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 84,793
Dividend July 2015
Declaration Date		Jul. 25, 2015
Distribution Date		Jul. 28, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 90,605
Dividend August 2015
Declaration Date		Aug. 25, 2015
Distribution Date		Aug. 25, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 99,251
Dividend September 2015
Declaration Date		Sep. 25, 2015
Distribution Date		Sep. 25, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 105,112
Dividend October 2015
Declaration Date		Oct. 26, 2015
Distribution Date		Oct. 27, 2015
Amount Per Share		$ 0.06
Cash Distribution		$ 113,999

9. FINANCIAL HIGHLIGHTS (Detail

9. FINANCIAL HIGHLIGHTS (Details) - USD ($)		11 Months Ended		12 Months Ended
		Oct. 31, 2014		Oct. 31, 2015
Per Share Data:
Net asset value at beginning of period		$ 0		$ 9.86
Issuance of common stock		10		0
Net investment income/(loss)	[1]	0.33		0.63
Net realized and unrealized gain (loss)		0	[2]	0.38	[1]
Net increase in shareholder's equity		10.33		1.01
Shareholder distributions:
From net investment income		(.37)		(.59)
From return of capital		0		(.16)
Income tax expense		(0.10)		0
Net asset value at end of period		$ 9.86		$ 10.18
Shares outstanding at end of period		714,377		1,849,246
Ratio/Supplemental Data:
Weighted average net assets at end of period		$ 4,562,919		$ 12,367,627
Total return based on net asset value	[3]	2.30%		10.24%
Ratio of gross operating expenses to average net assets		6.95%	[4]	4.25%
Deferred or reimbursed expenses		(4.23%)	[4]	(1.30%)
Ratio of net operating expenses to average net assets		2.72%	[4]	2.95%
Ratio of net investment income to average net assets		4.25%	[4]	6.33%
Average debt outstanding	[5]	$ 0		$ 1,700,504
Average debt outstanding per share		$ 0		$ 1.37
Portfolio turnover		0.00%		54.58%
[1]	Calculated using the weighted average shares outstanding during the respective period.
[2]	Amounts are balancing amounts necessary to reconcile the change in net asset value per unit to the per unit information.
[3]	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 distribution reinvestment plan. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.
[4]	The ratios have been annualized except for those expenses that are not recurring, such as organizational costs.
[5]	The average debt outstanding has been calculated using the initial funding date as the line of credit was not opened until the last month of the period.

12. FEDERAL TAX INFORMATION (De

12. FEDERAL TAX INFORMATION (Details) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Accounting Policies [Abstract]
Federal	$ 37,994
State	6,281
Total income tax expense	44,275	$ 0
Current	44,275
Deferred	0
Total income tax expenses	$ 44,275	$ 0

12. FEDERAL TAX INFORMATION (38

12. FEDERAL TAX INFORMATION (Details 1) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Accounting Policies [Abstract]
Expected at statutory rates	$ 51,175
State taxes, net of federal benefit	4,145
Effect of Graduated Rates	(11,045)
Nondeductible expenses	0
Total income tax expense	$ 44,275	$ 0

12. FEDERAL TAX INFORMATION (39

12. FEDERAL TAX INFORMATION (Details 2) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Federal Tax Information Details 2
Paid-in Capital in excess of par		$ (323,147)
Increase in accumulated net realized gain		0
Distributions in excess of net investment income	$ 0	323,147
Accumulated net realized loss		$ 0

12. FEDERAL TAX INFORMATION (40

12. FEDERAL TAX INFORMATION (Details 3) - USD ($)	3 Months Ended							11 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Oct. 31, 2014	Oct. 31, 2015
Federal Tax Information Details 3
Net (decrease) increase in net assets resulting from operations	$ 509,960	$ 210,437	$ 289,323	$ 248,243	$ 56,705	$ 61,528	$ (11,993)	$ 106,240	$ 1,257,963
Net change in the realized depreciation (appreciation) on investment								$ 0	$ (474,791)
Other temporary book-to-tax difference									(4177800.00%)
Taxable income before deductions for distributions									$ 741,394

12. FEDERAL TAX INFORMATION (41

12. FEDERAL TAX INFORMATION (Details 4)	12 Months Ended
	Oct. 31, 2015USD ($)
Federal Tax Information Details 4
Undistributed ordinary income - tax basis	$ 0
Undistributed long-term capital gain (capital loss carryforward)	(8,044)
Other book to tax differences	12,846
Unrealized appreciation (depreciation) on investments and debt	531,023
Total accumulated deficit - book basis	$ 535,825

12. FEDERAL TAX INFORMATION (42

12. FEDERAL TAX INFORMATION (Details 5) - USD ($)	11 Months Ended	12 Months Ended
	Oct. 31, 2014	Oct. 31, 2015
Federal Tax Information Details 5
Ordinary Distributions		$ 741,394
Ordinary Distributions, per share	$ .37	$ .59
Return of capital		$ 206,817
Return of capital, per share	0	$ .16
Distributions declared		$ 948,211
Distributions declared, per share	$ 0.37	$ 0.75

13. SELECTED QUARTERLY FINANC43

13. SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($)	3 Months Ended							11 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Oct. 31, 2014	Oct. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total investment income	$ 420,309	$ 251,549	$ 255,644	$ 220,515	$ 138,215	$ 105,581	$ 5,831	$ 249,627	$ 1,148,017
Net investment income	296,034	154,116	175,422	157,600	77,133	85,375	(11,993)	150,515	783,172
Net increase in net assets resulting from operations	$ 509,960	$ 210,437	$ 289,323	$ 248,243	$ 56,705	$ 61,528	$ (11,993)	$ 106,240	$ 1,257,963
Net increase in net assets resulting from operations per share (basic and diluted)	$ 0.3	$ 0.16	$ 0.26	$ 0.29	$ 0.09	$ 0.14	$ (0.03)	$ 0.23	$ 1.01