v3.22.2

FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS |  |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4 – FAIR VALUE OF FINANCIAL INSTRUMENTS Level 3 valuation information: Due to the inherent uncertainty in the valuation process, the estimate of the fair value of our investment portfolio as of March 31, 2022 may differ materially from values that would have been used had a readily available market for those investments existed. The following table presents the fair value measurements of our portfolio investments by major class, as of March 31, 2022, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 18,075,000 | ​ | $ | 18,075,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 20,087,500 | ​ | $ | 20,087,500
​ The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 11,650,000 | ​ | $ | 11,650,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Common Stock | ​ |  | 436,175 | ​ |  | — | ​ |  | — | ​ |  | 436,175
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | 436,175 | ​ | $ | — | ​ | $ | 13,662,500 | ​ | $ | 14,098,675
​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the three months ended March 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three months ended March 31, 2022
​ | ​ | ST Non-banking | ​ | ​ | ​ | ​ | Common | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Loans | ​ | Preferred Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2022 |  | $ | 11,650,000 |  | $ | 1,200,000 |  | $ | — |  | $ | — |  | $ | 812,500
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 7,025,000 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Sales and redemptions | ​ |  | (600,000) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of March 31, 2022 | ​ | $ | 18,075,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
​ The net change in unrealized depreciation for the three months ended March 31, 2022 attributable to Level 3 portfolio investments still held as of March 31, 2022 was $0. The following table lists our Level 3 investments held as of March 31, 2022 and the unobservable inputs used to determine their valuation:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 3/31/22 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 18,075,000 |  | discounted cash flow |  | determining private company credit rating |  | 12-48 | %
Other Equity | ​ |  | 812,500 |  | last secured funding known by company |  | economic changes since last funding |  |  | ​
Preferred Stock | ​ |  | 1,200,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 20,087,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the period ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021 | ​ | ​ | ​
​ |  | ST |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ |  | Non-banking |  | Preferred |  | Common | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2021 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 24,765,333 | ​ |  | 900,000 | ​ |  | — | ​ |  | — | ​ |  | 812,500
Sales and redemptions | ​ |  | (15,904,333) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (278,897)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of December 31, 2021 | ​ | $ | 11,650,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
​ The net change in unrealized depreciation for the year ended December 31, 2021 attributable to Level 3 portfolio investments still held as of December 31, 2021 was $0. The following table lists our Level 3 investments held as of December 31, 2021 and the unobservable inputs used to determine their valuation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/21 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 11,650,000 | ​ | discounted cash flow | ​ | determining private company credit rating | ​ | 12-44 | %
Other Equity |  | ​ | 812,500 |  | last secured funding known by company |  | economic changes since last funding |  |  | ​
Preferred Stock |  | ​ | 1,200,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 13,662,500 |  |  |  |  |  |  | ​
​ | NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS Level 3 valuation information: Due to the inherent uncertainty in the valuation process, the estimate of the fair value of our investment portfolio as of December 31, 2021 and 2020 may differ materially from values that would have been used had a readily available market for the securities existed. The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 11,650,000 | ​ | $ | 11,650,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Common Stock | ​ |  | 436,175 | ​ |  | — | ​ |  | — | ​ |  | 436,175
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | 436,175 | ​ | $ | — | ​ | $ | 13,662,500 | ​ | $ | 14,098,675
​ The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2020, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2020
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 2,789,000 | ​ | $ | 2,789,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 300,000 | ​ |  | 300,000
Common Stock | ​ |  | 3,300,000 | ​ |  | — | ​ |  | — | ​ |  | 3,300,000
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 278,897 | ​ |  | 278,897
Total | ​ | $ | 3,300,000 | ​ | $ | — | ​ | $ | 3,367,897 | ​ | $ | 6,667,897
​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021 | ​ | ​ | ​
​ |  | ST |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ |  | Non-banking |  | Preferred |  | Common | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2021 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 24,765,333 | ​ |  | 900,000 | ​ |  | — | ​ |  | — | ​ |  | 812,500
Sales and redemptions | ​ |  | (15,904,333) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (278,897)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of December 31, 2021 | ​ | $ | 11,650,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
​ The net change in unrealized appreciation for the year ended December 31, 2021 attributable to Level 3 portfolio investments still held as of December 31, 2021 is $0, and is included in net change in unrealized appreciation (depreciation) on investments on the statement of operations. The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2020 | ​ | ​ | ​
​ |  | ST Non-banking |  | Preferred |  | Common |  | ​ |  | ​
​ | ​ | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2020 | ​ | $ | — | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 534,200
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 486,018
Purchases and other adjustments to cost | ​ |  | 7,543,000 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Sales and redemptions | ​ |  | (4,754,000) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (91,313)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (650,008)
Balance as of December 31, 2020 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
​ The net change in unrealized appreciation for the year ended December 31, 2020 attributable to Level 3 portfolio investments still held as of December 31, 2020 is $0, and is included in net change in unrealized appreciation (depreciation) on investments on the statement of operations. The following table lists our Level 3 investments held as of December 31, 2021 and the unobservable inputs used to determine their valuation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/21 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 11,650,000 | ​ | discounted cash flow | ​ | determining private company interest rate based on credit | ​ | 12-44 | %
Other Equity |  | ​ | 812,500 |  | last secured funding known by company |  | economic changes since last funding |  |  | ​
Preferred Stock |  | ​ | 1,200,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 13,662,500 |  |  |  |  |  |  | ​
​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/20 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 2,789,000 |  | discounted cash flow |  | determining private company interest rate based on credit |  | 14-44 | %
Other Equity | ​ |  | 278,897 |  | last secured funding known by company |  | economic changes since purchase |  |  | ​
Preferred Stock | ​ |  | 300,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 3,367,897 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ There were no transfers between levels during the years ended December 31, 2021 and 2020.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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