Mill City Ventures III(MCVT) - 2023 Q3 - Quarterly Report

Investment Performance - For the nine months ended September 30, 2023, the company made investment purchases totaling $11,900,500 and had redemptions and repayments of $11,124,193, resulting in net investments at amortized cost of $17,577,481[91] - Total investment income for the three months ended September 30, 2023, was $725,158, a decrease of 35% compared to $1,115,224 for the same period in 2022[98] - For the nine months ended September 30, 2023, total investment income was $2,496,688, down 25.5% from $3,351,935 in the prior year[98] Financial Position - As of September 30, 2023, the company had cash of $962,860, a decrease of $126,781 from December 31, 2022[106] - For the nine months ended September 30, 2023, net cash used in operating activities was $550,781, compared to $6,429,293 for the same period in 2022[105] - The average interest rate on the company's loan portfolio is 15.2%[98] Operational Results - The company recorded a net increase in net assets from operations of $369,560 for the three months ended September 30, 2023[104] - Professional fees for the three months ended September 30, 2023, were $184,008, significantly lower than $916,359 for the same period in 2022[99] - The company had $0 interest expense for the three months ended September 30, 2023, compared to $46,779 for the same period in 2022[101] Portfolio Composition - The portfolio composition as of September 30, 2023, included 92.8% in short-term non-banking loans, totaling $16,296,986[93] Reporting and Compliance - The company filed its Annual Report on Form 10-K on April 17, 2023, related to the year ended December 31, 2022[21] - The report includes a section entitled "Risk Factors" detailing significant uncertainties facing the company[21] - Forward-looking statements in the report are subject to significant uncertainties and should not be regarded as guarantees of future performance[21] - The company undertakes no obligation to update any forward-looking statements after the filing date[21] - The forward-looking statements relate only to events as of the date they are made[21] - The report is excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934[21]