Financial Performance - The company incurred losses of R$154,658 thousand for the year ended December 31, 2024, R$60,771 thousand for 2023, and R$243,025 thousand for 2022, indicating a history of financial losses [43]. - The company has a negative consolidated working capital of R$355,769 thousand as of December 31, 2024, raising concerns about its ability to continue as a going concern [41]. - The company recorded provisions for disputes amounting to R$1,797 thousand and R$42,207 thousand as of December 31, 2024 and 2023, respectively, indicating a significant increase in potential liabilities [182]. Revenue Sources - 66.8% of the company's revenue for the year ended December 31, 2024, was derived from the CPaaS segment, primarily from SMS text messaging services [45]. - A significant portion of revenue, 38.2% for 2024, 33.4% for 2023, and 37.0% for 2022, was concentrated among the top 10 customers, with the largest customer accounting for over 7% of total revenue in 2024 [46]. - The Net Revenue Expansion (NRE) rate for the year ended December 31, 2024, was 106.5%, showing growth in revenue from existing customers [71]. Customer Dynamics - The number of active customers decreased from 13,336 in 2022 to 10,622 in 2024, indicating a decline in customer retention [71]. - The company is increasingly dependent on WhatsApp as a communication channel, which may be affected by changes in WhatsApp's policies [52]. Financing and Capital Structure - The company may require additional financing to support future capital requirements, which could be difficult to secure on favorable terms due to existing indebtedness [56]. - As of December 31, 2024, the total loans, borrowings, and debentures outstanding amounted to R$126,855 thousand, consisting of R$81,137 thousand in current liabilities and R$45,718 thousand in non-current liabilities [58]. - The company may need to raise additional capital in the future, which could dilute investors' interests in its share capital [233]. Market and Competitive Landscape - The market for the company's products is relatively new and unproven, with potential risks including changes in consumer behavior and competition from alternative products [44]. - The market for cloud communications is highly competitive, with low barriers to entry, and the company faces significant competition from larger competitors [85]. - The company faces challenges in adapting to rapidly changing technology and evolving industry standards, which could adversely affect sales [59]. Strategic Initiatives - The company has initiated a new strategic cycle focusing on its SaaS business, particularly the recently launched Zenvia Customer Cloud [77]. - The company completed acquisitions of SenseData, D1, and Movidesk to expand its SaaS offerings and enhance multichannel communications capabilities [89]. - The launch of the Zenvia Customer Cloud solution on October 16, 2024, aims to revolutionize customer experience through AI integration [80]. Compliance and Regulatory Risks - Compliance with the LGPD (General Data Protection Law) requires the company to adapt its data processing activities, with penalties for violations including fines up to R$50 million per violation [129]. - The company is subject to evolving privacy and data protection laws, which may increase compliance costs and impact its ability to operate effectively in various jurisdictions [134]. - The company is implementing an anti-corruption compliance program to manage risks associated with anti-corruption laws, which could result in significant fines and reputational harm if violated [139]. Economic and Political Environment - The Brazilian government enacted Constitutional Amendment No. 132 on December 20, 2023, introducing a new taxation model that replaces IPI, PIS, and COFINS with a Contribution on Goods and Services (CBS) and a Tax on Goods and Services (IBS) starting in 2026 [144]. - The ongoing economic and political instability in Brazil may lead to increased volatility in the securities market, adversely affecting the company's financial condition [186]. - High levels of inflation in Brazil historically harm the economy and capital markets, which could negatively impact the company's business and share price [191]. Shareholder Dynamics - Controlling shareholders own 100% of Class B common shares and 35.3% of Class A common shares, representing approximately 92.99% of the voting power and 64.50% of total equity ownership [215]. - The disparity in voting rights between Class A and Class B common shares may adversely affect the price of Class A common shares and limit investors' ability to influence corporate matters [216]. - The company has not adopted a dividend policy, and any future distributions will depend on various factors, including operational results and financial condition [224]. Operational Challenges - The company faces challenges in expanding operations into new market segments and geographic regions, which may require substantial expenditures and time [112]. - The company may incur unforeseen expenses to remediate the identified material weaknesses in internal control over financial reporting [165]. - Cybersecurity threats continue to increase, and any data security incidents could result in loss of confidential information and damage to the company's reputation [158].

IPO and Business Combination - The Company completed its IPO on December 14, 2021, raising a total of $234.6 million from the issuance of 23,000,000 units and 11,700,000 private placement warrants[144]. - The Company has extended the deadline to consummate its initial business combination to March 14, 2024, allowing for a total of 27 months from the IPO closing date[148]. - The Merger Agreement with Angel Studios involves a total valuation of $1.5 billion, with shares to be converted at a rate of $10.00 per share[163]. - The Company’s stockholders approved the Third Extension Amendment Proposal, allowing for further extensions to the business combination deadline[160]. - The Company plans to rename itself "Angel Studios, Inc." upon the closing of the merger with Angel Studios[163]. Shareholder Actions and Stock Performance - As of October 11, 2024, holders of 985,170 shares of Class A common stock redeemed their shares for cash at a redemption price of approximately $11.08 per share[157]. - Following the Second Extension Special Meeting, 2,986,952 shares of Class A common stock were redeemed for an aggregate amount of $32,214,591[154]. - The Company’s Class A common stock was delisted from the NYSE due to falling below the required market capitalization of $40 million[155]. - The Company entered into Non-Redemption Agreements on May 25, 2023, with third parties agreeing not to redeem 4,000,000 shares of Class A common stock[195]. - The Sponsor will transfer up to 1,499,996 shares of Class B common stock to third parties, with 500,000 shares transferred upon the First Extension and 166,666 shares monthly from September 14, 2023, to February 14, 2024[195]. Financial Performance and Position - For the three months ended March 31, 2025, the company reported a net loss of $101,682, which included $4,494 in dividend income and a $58,900 gain on the change in fair value of warrant liability[176]. - As of March 31, 2025, the company had cash of $354,346 and a working capital deficit of $4,027,523[178]. - The company incurred net cash used in operating activities of $341,803 for the three months ended March 31, 2025[179]. - The sponsor has committed to loan the company up to $1,000,000 to cover expenses related to the business combination, with $643,132 drawn as of March 31, 2025[184]. - As of March 31, 2025, the company held marketable securities in the Trust Account valued at $433,645[181]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[175]. - The company had cash contributions from the sponsor of $0 for the three months ended March 31, 2025, compared to $235,647 for the same period in 2024[183]. - The company expects to incur significant costs related to identifying a target business and negotiating an initial business combination, raising substantial doubt about its ability to continue as a going concern[185]. - The underwriter waived its entitlement to a deferred fee of $8,050,000, which was recorded to accumulated deficit[194]. - The company has no long-term debt or capital lease obligations as of March 31, 2025[188]. Accounting and Estimates - The Company’s Trust Account proceeds are restricted until the completion of the initial business combination or other specified conditions[145]. - The Company has not identified any critical accounting estimates as of March 31, 2025[198]. - The excess fair value of the 1,499,996 Class B shares transferred was determined to be $1,209,879, recognized as a non-redemption agreement expense[197]. - Certain third-party investors transferred 262,502 shares of Class B common stock back to the Sponsor for no additional consideration on January 15, 2025[196].

Financial Performance and Capital Expenditure - Caledonia Mining Corporation raised gross proceeds of $10.8 million by issuing 781,749 depository interests and $5.9 million by issuing 425,765 depository receipts in the first two quarters of 2023[145]. - The anticipated cost of the new Tailings Storage Facility (TSF) is $25.1 million, to be incurred over three years (2024: $11.4 million, 2025: $5.4 million, 2026: $8.3 million)[158]. - Total capital expenditure at Blanket for 2024 amounted to $27.9 million, compared to a planned expenditure of $30.8 million, with $2.9 million moved to 2025[160]. - The 2025 capital expenditure program totals $41.0 million, with $34.1 million allocated to Blanket and $6.3 million at Bilboes and Motapa[161]. - Caledonia issued solar bonds valued at $12.0 million with a 9.5% interest rate, of which $11.5 million have been issued to Zimbabwean commercial entities[168]. Production and Mining Operations - Total gold production at Blanket Mine for 2024 was 76,656 oz, an increase from 75,416 oz in 2023, but a decrease from 80,775 oz in 2022[176]. - The underground drilling program in 2024 totaled 14,593 meters, a 9.9% increase from 13,280 meters in 2023, indicating improved exploration capabilities[177]. - The metallurgical plant at Blanket Mine achieved a recovery rate of 93.6% in 2024, slightly down from 93.8% in 2023, with a record milling of 797,479 tonnes of ore[203][204]. - The company aims to increase gold production to 80,000 oz from 2024 onward through its investment plan at Blanket Mine[175]. - The mine employs two mining methods: long-hole stoping for wider deposits and underhand stoping for narrower deposits[251]. Safety and Environmental Management - Safety statistics showed a decrease in the Total Injury Frequency Rate to 0.88 in 2024 from 0.96 in 2023, reflecting improved safety management practices[208]. - The mine has completed an Environmental Impact Assessment (EIA) for its solar plant and holds EIA certificates for both old and new tailings storage facilities[286]. Community Engagement and Social Responsibility - The company reported total payments to the Zimbabwe government and community initiatives amounting to $23.745 million in 2024, an increase from $21.228 million in 2023[214]. - The community and social responsibility (CSR) investment for 2024 was $1.291 million, compared to $1.491 million in 2023[214]. - The completion of renovations for the Sitezi Secondary School's science laboratory and the maternity clinic is expected to enhance local educational and health facilities[215]. - The company drilled four boreholes in 2023, which were connected to the national electricity grid in early 2024 to ensure stable water supply for community irrigation[215]. Mineral Resources and Reserves - The Blanket Mine's mineral resources are estimated using a cut-off grade of 1.5 g/t based on a long-term gold price of $2,150/oz[236]. - Total Measured and Indicated Mineral Resources at Blanket Mine amount to 46.77 million tonnes with an average grade of 2.30 g/t, containing 3,457 koz of gold[239]. - The total Proven and Probable Mineral Reserves at Blanket Mine are 4.37 million tonnes with an average grade of 3.3 g/t, containing 457 koz of gold[242]. - The total mineral reserves as of December 31, 2024, are 4,368 Kt at an average grade of 3.29 g/t, containing approximately 456 Koz of gold, which is an 11% decrease in tonnes and a 12% decrease in ounces from December 31, 2023[316][318]. Acquisitions and Strategic Developments - The company completed the acquisition of Bilboes Gold Limited on January 6, 2023, enhancing its asset portfolio[145]. - The company has acquired the Bilboes Project for $65.7 million, with net assets valued at $74.9 million as of December 31, 2024[326]. - The Bilboes oxide mine was placed on care and maintenance as of September 30, 2023, while leaching activities will continue as long as they remain cash positive[335]. Infrastructure and Technological Advancements - The installation of a new conveyor and crushing system at Blanket Mine was completed in November 2022, enhancing operational efficiency[205]. - A solar power plant supplying 12 MW AC was installed and commissioned by February 2023 to supplement the existing power supply[275]. - The mine's water extraction rate is authorized at USD $0.17/m3 under a contract with the Zimbabwe National Water Authority[282].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-42602 Everbright Digital Holding Limited (Exact name of Registrant as specified in its charter) Cayman Islands (Jurisdiction of incorporation or organization) Unit 1A, 10/F, C-Bons International Centre, ...

Financial Results - Longevity Health Holdings, Inc. announced preliminary unaudited financial results for Q1 2025, with specific figures to be finalized later[7]. - The company has not yet provided specific revenue figures for the first quarter of 2025, pending finalization of financial statements[7]. Merger Details - The company is in the process of a proposed merger with 20/20 Biolabs, Inc., with expectations regarding the ownership structure and operational synergies post-merger[10]. - The anticipated timing for the closing of the merger is still under discussion, with various conditions that need to be satisfied[10]. - The company is preparing to file relevant materials with the SEC regarding the merger, including a Form S-4 and Proxy Statement[14]. - The merger is expected to result in operational savings and synergies, although specific financial projections are not yet disclosed[10]. - Risks associated with the merger include potential delays in obtaining necessary approvals and maintaining Nasdaq listing[10]. - Management is aware of the significant uncertainties surrounding the merger and its potential impact on future operations[12]. - Investors are encouraged to review all relevant documents filed with the SEC for detailed information regarding the merger[15]. Future Focus - The company is focused on launching and commercializing new products, which is expected to enhance future revenue streams[10].

Financial Results - Longevity Health Holdings, Inc. announced preliminary unaudited financial results for Q1 2025, with specific figures to be finalized later[7]. Merger Details - The company is in the process of a proposed merger with 20/20 Biolabs, Inc., with expectations of operational synergies and revenue growth post-merger[10]. - The anticipated closing of the merger is subject to stockholder approval and other conditions, with no specific date provided[10]. - The company is preparing to file relevant materials with the SEC regarding the merger, including a Form S-4 and Proxy Statement[14]. - The merger is expected to impact the ownership structure of the combined company, with adjustments to the exchange ratio possible[10]. - Management is addressing potential unknown liabilities that may arise post-merger[11]. Risks and Considerations - Risks associated with the merger include potential delays in approvals and the ability to maintain Nasdaq listing[10]. - The company emphasizes the importance of reading the SEC filings for detailed information regarding the merger[14]. - Investors are encouraged to monitor updates as the company navigates the merger process and its implications for future operations[10]. Product Development - The company is focused on launching and commercializing new products, which is expected to enhance its market position[10].

Financial Performance - CAVA's revenue for the sixteen weeks ended April 20, 2025, was $328,482,000, representing a 28.2% increase from $256,290,000 in the same period of 2024[65] - Net income for the sixteen weeks ended April 20, 2025, was $25,707,000, an increase of 83.7% compared to $13,993,000 in the prior year[78] - Adjusted EBITDA for the period was $44,850,000, up from $33,317,000, reflecting an increase of 34.4%[65] - Revenue for the sixteen weeks ended April 20, 2025, was $331.8 million, an increase of 28.1% compared to $259.0 million for the same period in 2024[89] - Adjusted EBITDA for the same period was $44.9 million, up 34.5% from $33.3 million in the prior year[89] - Net income margin improved to 7.7% for the sixteen weeks ended April 20, 2025, compared to 5.4% in the same period of 2024[89] Restaurant Expansion - The number of CAVA restaurants increased to 382 from 323, with 15 new openings during the period[65] - The company opened 73 new CAVA restaurants during or subsequent to the sixteen weeks ended April 21, 2024, contributing to increased revenue and expenses[81] Cost and Expenses - CAVA's food, beverage, and packaging costs increased by 33.3% to $96,224,000, primarily due to new restaurant openings and input costs[71] - General and administrative expenses rose by 22.3% to $41,394,000, reflecting increased operational costs[78] - The increase in general and administrative expenses was primarily due to investments for future growth and higher equity-based compensation[80] - Restaurant-level profit margin was 25.1%, slightly down from 25.2% in the prior year[65] Digital Revenue and Guest Traffic - CAVA same restaurant sales growth was 10.8%, driven by a 7.5% increase in guest traffic and a 3.3% increase from menu price and product mix[72] - CAVA's digital revenue mix accounted for 38.0% of total revenue, up from 37.0% in the previous year[65] Cash Flow and Investments - Cash and cash equivalents decreased to $289.4 million as of April 20, 2025, down from $366.1 million as of December 29, 2024[92] - Net cash provided by operating activities was $38.6 million for the sixteen weeks ended April 20, 2025, a slight increase of 0.5% from $38.4 million in the prior year[93] - Net cash used in investing activities rose significantly to $115.8 million, an increase of 243.9% compared to $33.7 million in the same period of 2024[93] Tax and Future Outlook - The effective income tax rate for the sixteen weeks ended April 20, 2025, was a benefit of 26.3%, significantly higher than the prior year's rate of 1.8%[85] - The company believes that cash provided by operating activities and existing cash on hand will be sufficient to meet anticipated cash requirements for the next twelve months[91] - The company plans to continue expanding its restaurant footprint and enhancing its product offerings to drive future growth[61]

Financial Performance - Consolidated revenue for Q1 2025 declined by 4% to $12.6 million from $13.2 million in Q1 2024, with Commercial revenue rising 28% while Residential revenue fell by 3% due to seasonality[8] - Sales for the three months ended March 31, 2025, were $12,636,638, a decrease of 4.4% compared to $13,219,197 in the same period of 2024[19] - Gross profit decreased to $4,431,325, down 7.8% from $4,805,448 year-over-year[19] - Operating loss for the quarter was $2,167,348, slightly improved from a loss of $2,182,954 in the prior year[19] - Net loss attributable to common shareholders was $3,496,432, compared to a loss of $10,119,988 in the same quarter of 2024, indicating a significant reduction in losses[19] - Basic and diluted net loss per share was $106.71, reflecting the reverse stock split adjustments[19] - Adjusted EBITDA for the quarter was $(1,464,215), an improvement from $(1,509,570) in the prior year[25] Cost Management - SG&A expenses decreased by 9% to $6.0 million from $6.6 million, reflecting cost optimization measures implemented in 2024[8] - Total operating expenses decreased to $6,598,673, down from $6,988,402 year-over-year, showing a reduction in costs[19] - Interest expense declined by 25% to $0.6 million from $0.8 million, demonstrating management's commitment to debt repayment[8] - Interest expense decreased to $571,240 from $764,870, indicating improved financing conditions[25] Debt and Liquidity - Total debt decreased by 51% to $9.2 million from $19.1 million at December 31, 2024, significantly improving the company's financial position[8] - Cash and cash equivalents increased to $1.4 million from $0.8 million at December 31, 2024, indicating enhanced liquidity[8] Future Outlook - The company expects total sales for 2025 to be between $65 million and $70 million, representing a projected increase of 14% to 23% from $56.9 million in 2024[12] - Adjusted EBITDA is projected to be between $0.5 million and $0.7 million, a significant improvement from an Adjusted EBITDA loss in 2024[12] - Future outlook includes continued focus on cost management and potential market expansion strategies[21] Business Development - SUNation's Commercial backlog rose more than 30% compared to the same period last year, driven by various projects in development with institutional partners[3] - The company plans to expand its Service and Maintenance business in the New York metro region, targeting homeowners with orphaned solar systems[4] - SUNation has secured $20 million in aggregate gross proceeds through a securities purchase agreement with institutional investors, enhancing its capital structure[8]

Financial Position and Performance - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) effective for accounting periods beginning January 1, 2024[22]. - The company has incurred substantial debt, which could impair flexibility and access to capital, adversely affecting financial position[39]. - The company has a history of losses from operations and negative cash flows from operating activities, which may continue in the future[39]. - The company expects to require future additional capital to continue as a going concern[39]. - The company incurred net losses of US$31.8 million and US$24.0 million for the years ended December 31, 2024 and 2023, respectively, with negative cash flows from operating activities of US$4.2 million and US$11.6 million[57]. - The company has a history of negative cash flows from operating activities, raising concerns about its ability to continue as a going concern[58]. - As of December 31, 2024, the total indebtedness was approximately US$101.6 million, with a senior secured term loan outstanding amount of US$75.5 million[62]. - The anticipated annual cash interest expense on US$84.9 million variable rate debt at the current rate of approximately 12.75 percent would be approximately US$10.8 million[72]. - The company incurred an increase in indebtedness of US$9.4 million to US$84.9 million between January 2025 and May 2025[71]. - The company expects to need additional capital in the future, and market conditions may hinder access to funding[59]. Business Strategy and Operations - The company’s long-term success depends on the successful development and commercialization of new products, particularly in the biosensor area[39]. - The transformation plan initiated in April 2024 aims to improve financial performance through cost-saving initiatives, including consolidating manufacturing and outsourcing[81]. - The company plans to reduce costs by changing suppliers and negotiating new deals, as well as simplifying internal operations[82]. - The company made several acquisitions in 2024, including biosensor assets from Waveform and Metabolomic Diagnostics, aiming to expand into maternal health and oncology markets[85]. - The company is facing potential civil claims from the DOJ related to approximately US$4.0 million in first-round PPP loans, with possible treble damages up to US$5.5 million if claims are pursued[90]. - The company may need to raise capital through debt or equity offerings to fund operations and obligations[65]. - The company may encounter difficulties in realizing the potential financial or strategic benefits of recent business acquisitions[39]. - The company is monitoring the impact of geopolitical events, such as the Israel-Hamas and Russia-Ukraine wars, on market conditions and financing availability[59]. Regulatory and Compliance Risks - The company is subject to regulatory risks, including potential delays in obtaining FDA approvals, which could negatively impact product commercialization[51]. - The company’s inclusion in national HIV testing algorithms is critical for sales, and legal challenges to these algorithms could adversely affect business[55]. - The company faces significant competition in the diagnostics industry, with major competitors including Abbott, Roche, and Siemens, which could impact market share and revenues[45]. - The company is subject to regular tax reviews and audits, and disagreements with tax authorities could lead to additional tax liabilities, impacting financial condition[138]. - Changes in the U.S. tax code could significantly affect the company's profitability and the valuation of deferred tax assets and liabilities[139]. - The company is subject to ongoing and extensive post-market regulatory requirements, impacting manufacturing, labeling, and marketing[166]. - Regulatory compliance costs are increasing, and failure to maintain necessary approvals could hinder the ability to market products[157]. - The process for obtaining FDA clearance or approval for medical devices is lengthy and costly, with no assurance of timely approval[159]. - The company is subject to increased scrutiny from the U.S. Department of Justice regarding interactions with healthcare providers, which could lead to investigations and additional compliance costs[189]. Market and Economic Conditions - Changes in global economic conditions may have a material adverse impact on the company's results[39]. - Global trade issues and uncertainties may adversely affect the company's costs and competitiveness, impacting financial results[73]. - The ongoing uncertainty regarding international trade and tariffs poses a risk to the company's cost of goods sold and supply chain stability[100]. - Global economic conditions, including the invasion of Ukraine and the Israel-Hamas war, have increased market volatility and uncertainty, potentially impacting demand for products[111]. - The company has seen disruptions to ordering patterns and demand for its rapid HIV tests due to changes in U.S. government funding, with an estimated 15-20% cut in overall U.S. government spending for development-related programs[49]. Research and Development - The company incurred capitalized R&D expenses of US$10.9 million in 2024, significantly higher than US$1.8 million in 2023 and US$4.5 million in 2022, indicating a strong commitment to R&D following the acquisition of biosensor technology[91]. - Future liquidity and capital requirements will depend on the success of research and product development efforts, particularly in biosensor technology[84]. - The company expects to incur significantly higher R&D costs due to the acquisition of biosensor technology, impacting future financial performance[91]. - The company faces challenges in conducting clinical trials, which are necessary for product approvals, and delays or failures in these trials could adversely affect business prospects[144]. Supply Chain and Manufacturing Risks - Significant interruptions in production at principal manufacturing facilities could adversely affect business and operating results[39]. - The company relies on third-party suppliers for critical components, and disruptions in supply chains could adversely affect manufacturing and sales[98]. - The company experienced interruptions in international supply chains in 2024, which may continue to affect production and fulfillment schedules[114]. - The company faces risks related to manufacturing interruptions, including reliance on third-party manufacturers and potential compliance issues[116][117]. Intellectual Property and Competition - The company holds several active patents, but there is no assurance that these patents will provide sufficient protection against competitive threats or that future patent applications will be successful[197]. - Trade secrets and confidential know-how are critical to the company's success, but there is no guarantee that proprietary information will remain protected[200]. - The diagnostic industry faces prevalent litigation over intellectual property rights, which could lead to costly disputes and limit product sales[205]. - As the diagnostics market grows, the company may face increased patent infringement claims from third parties[206]. - Defending against infringement claims could divert significant resources and lead to substantial litigation expenses[207]. Management and Governance - Approximately 9.6% and 12.5% of the voting share capital is owned by affiliates of Perceptive Credit Holdings III, LP and MiCo IVD Holdings, LLC, respectively, which may influence management decisions[42]. - The company is highly dependent on its senior management team and key employees, and the loss of these individuals could adversely affect operations[43]. - Changes in senior management, including the appointment of a new CEO and CFO, could impact operational effectiveness and results[125][126]. - Ownership concentration by MiCo (12.5%) and Perceptive (9.6%) may influence management decisions and deter favorable transactions for other shareholders[213][214]. Cybersecurity and Data Privacy - Cybersecurity risks, including potential data breaches, could disrupt operations and compromise sensitive data, impacting financial condition and reputation[128][129]. - Compliance with evolving data privacy and cybersecurity regulations may result in significant costs and operational changes for the company[133]. Environmental, Social, and Governance (ESG) Considerations - Increasing scrutiny regarding Environmental, Social, and Governance (ESG) policies may impose additional costs and risks, potentially affecting access to capital[143].

Investment Performance - Investment income for the three months ended March 31, 2025, was $5,965, a decrease from $32,045 in the same period of 2024, primarily due to a decline in accrued interest[139]. - Net investment loss before taxes for the three months ended March 31, 2025, was $(113,218), a significant decrease from a net investment income of $2,815,472 in the same period of 2024[142]. - The fair value of the investment portfolio decreased to approximately $0.7 million as of March 31, 2025, down from approximately $1.1 million as of December 31, 2024[135]. - Net unrealized depreciation on total investments decreased by $110,240 during the three months ended March 31, 2025[145]. - The net decrease in net assets resulting from operations for the three months ended March 31, 2025, was $(223,458), compared to $(1,092,451) for the same period in 2024[147]. Operating Expenses - Operating expenses for the three months ended March 31, 2025, totaled approximately $119,183, compared to $(2,783,427) in the same period of 2024, with significant components including management fees of $7,378 and professional fees of $54,330[140]. - The company may experience losses if management fees and other operating expenses exceed interest income on cash holdings[167]. Investment Strategy - The portfolio composition as of March 31, 2025, included 54.1% in Exchange-Traded/Money Market Funds and 24.9% in Advanced Materials[137]. - The company invests at least 80% of its net assets in technology companies, defined as those deriving at least 50% of revenues from the information technology or cleantech sectors[133]. - The company is required to invest at least 70% of total assets in qualifying assets, including securities of private or micro-cap public U.S. companies[132]. - The company invests in small companies, and its investments in these companies are considered speculative in nature, subject to legal or contractual restrictions on resale[166]. Financial Obligations and Reserves - The company has no contractual obligations or off-balance sheet arrangements that require disclosure[150][151]. - As of March 31, 2025, a portion of the company's assets was invested in cash and/or cash equivalents, which are expected to earn low yields[167]. - The company holds cash reserves to avoid dilution in future financings and to invest additional capital into existing portfolio companies[168]. Accounting and Valuation - The company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the cost basis of the investment[156]. - The values assigned to the company's assets are based on available information and may differ significantly from amounts ultimately realized[165]. - The company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its financial statements upon effectiveness[157]. Market Conditions - Changes in valuation of investments in privately-held companies may be volatile, with potential for significant fluctuations in value[163]. - Inflation has not had a significant effect on the company's results of operations in the reporting periods presented[158]. - The company is required to distribute substantially all of its net realized gains to stockholders on an annual basis[169].