Mill City Ventures III(MCVT) - 2022 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2022, the company made $9,103,580 in investments and loans, with $7,977,898 in redemptions and repayments, resulting in net investments at amortized cost of $15,191,759[71]. - Investment income for the three months ended June 30, 2022, was $1,236,505, compared to $675,549 for the same period in 2021, representing an increase of 83.4%[73]. - The net increase in net assets from operations for the six months ended June 30, 2022, was $930,119, compared to $2,526,548 for the same period in 2021, indicating a decrease of 63.3%[80]. Income and Expenses - The company generated interest income of $1,081,505 for the three months ended June 30, 2022, with a weighted average interest rate on loans of 25%[75]. - Operating expenses for the six months ended June 30, 2022, were $1,048,073, up from $784,014 in the same period of 2021, reflecting a 33.8% increase[73]. - Professional fees for the six months ended June 30, 2022, were $392,989, compared to $220,347 for the same period in 2021, marking an increase of 78.2%[76]. Cash and Investments - As of June 30, 2022, the company had cash of $629,572, a decrease of $1,306,576 from December 31, 2021[82]. - The company recorded $5,750 of unrealized appreciation and $16,297 of unrealized depreciation on investments for the six months ended June 30, 2022[79]. Future Plans - The company plans to use existing funds and any future raised capital primarily for short-term non-bank loans and general corporate purposes[82]. - The company filed a registration statement on Form S-1 on April 26, 2022, to seek additional capital for growth opportunities[83].