Investment Performance - Investment income for the three months ended June 30, 2024, was $29,956, a decrease of 77.3% compared to $131,676 for the same period in 2023[150][151] - For the six months ended June 30, 2024, investment income was $62,001, a decline of 80.8% from $322,938 in the same period of 2023[163][164] - Net investment loss before taxes for the three months ended June 30, 2024, was $(171,811), an improvement from $(307,103) for the same period in 2023[154] - Net investment income for the six months ended June 30, 2024, was $2,636,661, a significant turnaround from a net investment loss of $(505,192) in the same period of 2023[168] Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled approximately $208,767, down 52.5% from $438,779 in the same period of 2023[152] - Operating expenses for the six months ended June 30, 2024, were approximately $(2,574,660), compared to $828,130 for the same period in 2023[166] Portfolio Valuation - The fair value of the investment portfolio decreased to approximately $5.7 million as of June 30, 2024, from approximately $8.8 million as of December 31, 2023[144] - Net unrealized depreciation on portfolio investments as of June 30, 2024, was $(128,112,931), compared to $(113,808,360) as of June 30, 2023[156] - As of June 30, 2024, the gross unrealized depreciation on portfolio investments was $(128,112,931), with no gross unrealized appreciation[169] - The valuation of portfolio investments is determined in good faith by the Board of Directors, with assistance from a Valuation Committee and potentially an independent valuation firm[177][187] Net Assets and Changes - For the six months ended June 30, 2024, the net decrease in net assets resulting from operations was $(242,451), with a basic and fully diluted net change in net assets per share of $(0.04)[171] - For the six months ended June 30, 2023, the net decrease in net assets resulting from operations was $(19,510,535), with a basic and fully diluted net change in net assets per share of $(2.83)[172] - The company recognized net realized losses of approximately $(7,864,997) from the sale of investments during the six months ended June 30, 2023[170] Strategic Focus - The company expects to create a pipeline of potential exit opportunities through IPOs or acquisitions as portfolio companies mature[147] - The investment strategy focuses on technology and cleantech companies, with at least 80% of net assets allocated to these sectors[142] Other Considerations - The company does not have any contractual obligations or off-balance sheet arrangements that require disclosure[174][175] - The company holds a portion of its assets in cash and cash equivalents, which may lead to losses if management fees exceed interest income[192] - There have been no material events related to the portfolio of investments subsequent to June 30, 2024[184] - Inflation has not significantly affected the company's results of operations, although portfolio companies may experience its impacts[183]
Firsthand Technology(SVVC) - 2024 Q2 - Quarterly Report