Mill City Ventures III(US:MCVT)2022-05-13 20:31Investment Activities - For the three months ended March 31, 2022, the company made $7,025,000 of investments in portfolio companies, resulting in net investments at amortized cost of $19,943,929[75]. - For the three months ended March 31, 2022, the company had $1,152,898 of proceeds from the sale of investments, resulting in $138,770 of realized gains[82]. - Net cash used in operating activities for the three months ended March 31, 2022, was $7,190,128, primarily related to purchases of investments totaling $7,025,000[86]. Financial Performance - Total investment income for the three months ended March 31, 2022, was $1,000,206, an increase of 82.6% compared to $546,842 for the same period in 2021[80]. - The company recorded a net increase in net assets from operations of $412,111 for the three months ended March 31, 2022, compared to $1,745,042 for the same period in 2021[85]. - Operating expenses for the three months ended March 31, 2022, were $545,818, slightly higher than $533,858 for the same period in 2021[78]. Cash and Assets - As of March 31, 2022, the company had cash of $71,020, a decrease of $1,865,128 from December 31, 2021[87]. - The company's portfolio composition as of March 31, 2022, included 90.0% in short-term non-banking loans and 10.0% in equity/other[77]. Regulatory Filings - The company filed a registration statement on Form S-1 on April 26, 2022, seeking to register an offer and sale of shares of common stock[88]. Loan Portfolio - The average interest rate on the company's loan portfolio was 22.4%[80].