Financial Performance - As of September 30, 2023, total assets decreased to $8,138,811 from $40,203,857 as of December 31, 2022, representing a decline of approximately 79.8%[9] - Total liabilities decreased to $7,458,115 from $9,594,266, a reduction of about 22.2%[9] - Net assets significantly decreased to $680,696 from $30,609,591, indicating a drop of approximately 97.8%[9] - For the three months ended September 30, 2023, net investment income was $1,865,387 compared to a loss of $8,843,969 for the same period in 2022[12] - The net decrease in net assets resulting from operations for the nine months ended September 30, 2023, was $29,928,895, compared to $56,319,999 for the same period in 2022[12] - Total investment income for the three months ended September 30, 2023, was $(234,126), a significant decline from $(8,300,245) in the same period last year[12] - The net realized and unrealized loss on investments for the nine months ended September 30, 2023, was $(31,289,090), compared to $(44,186,398) for the same period in 2022[12] - The net asset value per share dropped to $0.10 from $4.44, reflecting a decrease of approximately 97.8%[9] - The company reported a net cash used in operating activities of $(94) for the three months ended September 30, 2023, compared to a net cash provided of $3,198 for the same period in 2022[15] - Net asset value at the beginning of the period was $4.44, down from $13.75 in the previous year, representing a decline of 67.7%[18] - Total return based on net asset value for the nine months ended September 30, 2023, was (97.75)%, significantly lower than (67.71)% in the previous year[18] Investment Strategy and Portfolio - The company has made significant investments in companies like Hera Systems, Inc., with a convertible note valued at $5,359,791, indicating a focus on aerospace and medical devices sectors[22] - The company holds convertible notes from Intraop Medical Corp. maturing in December 2023 with an interest rate of 15%, totaling $15,000,000 across multiple issuances[24] - The total value of investments in Intraop Medical Corp. is reported at $168,647, with a cost basis of $168,647[25] - The company has a significant investment in Revasum, Inc., with a value of $39,774,889 and a cost basis of $9,268,219, reflecting a substantial gain[26] - The investment in Kyma, Inc. represents 14.7% of the portfolio, with a convertible note maturing in March 2024 valued at $100,000[25] - The company has invested in UCT Coatings, Inc. with a common stock value of $1,500,000 and a cost basis of $662,235, indicating a potential for growth[26] - The preferred stock investment in Lyncean Technologies, Inc. shows a cost basis of $1,000,000 but currently holds no value[26] - The company has a term note investment maturing in December 2023 with an interest rate of 8%, totaling $5,000,000 across two issuances[25] - The total value of the portfolio as of September 30, 2023, is not explicitly stated but includes multiple investments across various sectors[24][25][26] - The company is focused on advanced materials and semiconductor equipment sectors, indicating a strategic emphasis on high-growth industries[26] Financial Position and Liabilities - Total investments amount to $134,199,707, representing 1191.1% of net assets[29] - Net assets stand at $680,696, with liabilities exceeding other assets by 1091.1%[29] - The company holds $4,569,453 in restricted securities, accounting for 671.3% of net assets[30] - The company’s total liabilities are reported at $(7,427,021)[29] - The company’s liabilities exceeded other assets by 31.1%, resulting in net assets of $30,609,591[44] Management and Fees - The base management fee is set at an annual rate of 2.00% of gross assets, payable quarterly[76] - A fee waiver agreement has been established, waiving $2.5 million of accrued but unpaid base management fees prior to September 30, 2023[78] - The incentive fee is 20% of realized capital gains, with no adjustments for the three months ended September 30, 2023[77] - A waiver of management fees of $2,500,000 was approved by the Board for the quarter ended September 30, 2023[168] Market and Economic Conditions - The company faces significant risks from market disruptions and geopolitical events, including the ongoing impacts of COVID-19 and the Russia-Ukraine conflict[134] - The overall performance of the fund's investments reflects a challenging market environment, with several positions showing significant unrealized losses[37] Valuation and Fair Value - The company relies primarily on the market approach for fair value measurement, considering income and asset-based approaches as necessary[87] - The valuation of privately-held companies is subject to significant estimates and judgments, which may lead to volatility in reported values[72] - The total fair value of the Company's investments as of September 30, 2023, includes $305,539 in Level 1 assets, $3,132,725 in Level 2 assets, and $4,669,453 in Level 3 assets[93] - The company has established a full valuation allowance on its net deferred tax assets, indicating a low likelihood of realizing these assets[111] Shareholder Actions and Corporate Governance - The company plans to seek stockholder approval to withdraw its BDC election and pursue liquidation, as announced on October 13, 2023[137] - The company’s shares were listed on the NASDAQ Global Market under the symbol "SVVC" but intended to voluntarily delist on October 6, 2023[47] - As of September 30, 2023, eligible directors have deferred 50% of their compensation, with payments due at the earlier of January 1, 2025, or their separation from the Fund[68] Investment Performance and Losses - The company recognized net realized losses of approximately $(7,864,982) from the sale of investments during the nine months ended September 30, 2023[176] - For the nine months ended September 30, 2023, the net unrealized depreciation on total investments increased by $23,424,108, primarily due to decreases in valuations of Wrightspeed, Hera Systems, and IntraOp Medical holdings [177] - The company reported a gross unrealized depreciation of $(126,091,990) as of September 30, 2023[106]

Financial Performance - As of June 30, 2023, total assets decreased to $20,942,221 from $40,203,857 as of December 31, 2022, representing a decline of approximately 48.1%[10] - Total market value of investments dropped to $20,612,957 from $40,121,924, a decrease of about 48.7%[10] - For the three months ended June 30, 2023, total investment income was $131,676, compared to a loss of $3,812,911 for the same period in 2022[13] - Net investment loss for the six months ended June 30, 2023, was $(505,192), compared to $(3,289,632) for the same period in 2022[13] - The net decrease in net assets resulting from operations for the three months ended June 30, 2023, was $(14,768,311), compared to $(37,608,487) for the same period in 2022[13] - The net asset value per share decreased to $1.61 as of June 30, 2023, down from $4.44 as of December 31, 2022[10] - The company reported net realized and unrealized losses on investments of $(14,461,208) for the three months ended June 30, 2023[13] - The net decrease in net assets resulting from operations for the six months ended June 30, 2023, was $(19,510,535), an improvement from $(44,958,429) in the same period of 2022[174] Investment Portfolio - The company holds significant investments in HERA SYSTEMS, INC. (68.7% of net assets) and INTRAOP MEDICAL CORP. (45.4% of net assets) as of June 30, 2023[25] - Firsthand Technology Value Fund holds a significant investment in Revasum, Inc., valued at $39,774,889, representing 33.4% of net assets[28] - The fund's investment in Intraop Medical Corp. includes multiple convertible notes maturing in December 2023, with a total value of $10,961,129 and a cost basis of $10,961,129[26] - The fund has invested $2,000,000 in a term note maturing in December 2023 with an interest rate of 8%[27] - The total value of the investment in UCT Coatings, Inc. is $1,500,000, with a cost basis of $662,235, representing 2.4% of net assets[28] - The company has a diverse portfolio with investments across various sectors, including aerospace, medical devices, and advanced materials[36] - The total value of controlled investments as of June 30, 2023, is $39,349,502, with a realized loss of $7,864,997[126] Financial Ratios and Metrics - The ratio of total expenses to average net assets increased to 7.16% for the six months ended June 30, 2023, compared to 4.11% for the year ended December 31, 2022[19] - Net investment income (loss) ratio to average net assets was (4.37)% for the six months ended June 30, 2023, compared to (20.96)% for the year ended December 31, 2022[19] - The total fair value of the Company's net assets as of June 30, 2023, is $20,612,957, which includes $4,276,596 in Level 1 assets and $16,336,361 in Level 3 assets[89] - The net unrealized depreciation on total investments increased by $11,140,362 during the six months ended June 30, 2023[170] Investment Strategy - The company has a policy to invest at least 80% of its assets in technology companies, which derive at least 50% of their revenues from the information technology or cleantech sectors[47] - The company’s investment strategy includes a focus on convertible notes and preferred stocks, indicating a preference for hybrid securities[31] - The company’s investment strategy includes a focus on privately held companies and public companies with market capitalizations less than $250 million[47] - The company expects a pipeline of potential exit opportunities through IPOs or acquisitions as portfolio companies mature[140] Cash and Liquidity - Cash and foreign currency at the end of the period was $2,703, down from $3,404 at the beginning of the period[15] - The company intends to distribute at least 90% of its ordinary income and realized net short-term capital gains annually to qualify as a RIC[177] - As of June 30, 2023, a portion of the company's assets was held in cash and cash equivalents, which are expected to earn low yields, potentially leading to losses if operating expenses exceed interest income[197] Valuation and Reporting - The Company utilizes a multi-step valuation process for investments without readily available market quotations[73] - The independent valuation firm assists the Board in determining the fair value of select portfolio investments each quarter[71] - The valuation of privately-held companies is subject to significant estimates and judgments, which may lead to volatility in reported values[70] - The fair value hierarchy includes Level 1, Level 2, and Level 3 measurements, with Level 3 requiring the most judgment in valuation[87] Legal and Compliance - The company is not involved in any material pending legal proceedings[204] - There have been no material changes in risk factors since the last Form 10-K filing[205] - There were no unregistered sales of equity securities during the reporting period[206] - The company has not experienced any defaults upon senior securities[207]

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period of March 31, 2023 or ☐ TRANSITION QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 333-168195 FIRSTHAND TECHNOLOGY VALUE FUND, INC. (Exact Name of Registrant as Specified in Charter) MARYLAND (State or Other Jurisdiction of Incorporation or Organization) 150 Alm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 814-00830 Firsthand Technology Value Fund, Inc. (Exact name of registrant as specified in its charter) Maryland (State ...