Mill City Ventures III(MCVT) - 2023 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2023, the company made net investments at amortized cost of $16,552,481, compared to $15,191,759 for the same period in 2022, reflecting an increase of 8.9%[89] - Total investment income for the three months ended June 30, 2023, was $907,502, a decrease of 26.5% from $1,236,505 in the same period of 2022[93] - Operating expenses for the six months ended June 30, 2023, were $2,461,862, compared to $1,048,073 for the same period in 2022, indicating a significant increase of 134.0%[91] - The company recorded a net decrease in net assets from operations of $647,323 for the six months ended June 30, 2023, compared to a net increase of $930,119 for the same period in 2022[100] - Interest expense decreased to $78,000 for the six months ended June 30, 2023, from $117,853 in the same period of 2022, a reduction of 33.7%[97] Cash and Investments - As of June 30, 2023, the company had cash of $1,101,527, reflecting an increase of $11,886 from December 31, 2022[102] - The company's portfolio composition as of June 30, 2023, included 92.2% in short-term non-banking loans, totaling $15,240,303[90] Professional Fees - The company had $287,325 and $417,176 in professional fees for the three and six months ended June 30, 2023, respectively, compared to $197,591 and $392,989 for the same periods in 2022, representing increases of 45.4% and 6.1%[94] Public Offering and Reporting - The company completed a public offering of 1,250,000 common shares at $4.00 per share, resulting in gross proceeds of $5,000,000[104] - The company filed its Annual Report on Form 10-K on April 17, 2023, related to the year ended December 31, 2022[109] Risk Factors and Forward-Looking Statements - The report includes a section entitled "Risk Factors" detailing significant uncertainties facing the company[109] - Forward-looking statements in the report are subject to significant uncertainties and should not be regarded as guarantees of future performance[109] - The company undertakes no obligation to update any forward-looking statements after the filing date[109] - Forward-looking statements relate only to events as of the date they are made[109] - The report is excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934[109]