FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| FAIR VALUE OF FINANCIAL INSTRUMENTS |
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| Schedule of fair value measurements of our investments by major class according to the fair value hierarchy |
| | As of December 31, 2024 | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | | | | | | | Short-term Non-banking Loans | | $ | — | | | $ | — | | | $ | 13,006,231 | | | $ | 13,006,231 | | Common Stock | | | 447,330 | | | | — | | | | — | | | | 447,330 | | Other Equity | | | — | | | | — | | | | — | | | | — | | Total | | $ | 447,330 | | | $ | — | | | $ | 13,006,231 | | | $ | 13,453,561 | |
| | As of December 31, 2023 | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | | | | | | | Short-term Non-banking Loans | | $ | — | | | $ | — | | | $ | 16,961,766 | | | $ | 16,961,766 | | Preferred Stock | | | — | | | | — | | | | 265,000 | | | | 265,000 | | Common Stock | | | 47,910 | | | | — | | | | — | | | | 47,910 | | Warrants | | | — | | | | — | | | | — | | | | — | | Other Equity | | | — | | | | — | | | | 10,000 | | | | 10,000 | | Total | | $ | 47,910 | | | $ | — | | | $ | 17,236,766 | | | $ | 17,284,676 | |
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| Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets |
| | For the year ended December 31, 2024 | | | | ST Non-banking Loans | | | Preferred Stock | | | Common Stock | | | Other Equity | | | | | | | | | | | Balance as of January 1, 2024 | | $ | 16,961,766 | | | $ | 265,000 | | | $ | — | | | $ | 10,000 | | Net change in unrealized appreciation (depreciation) | | | 401,966 | | | | 785,000 | | | | (150,000 | ) | | | (10,000 | ) | Purchases and other adjustments to cost | | | 4,623,437 | | | | — | | | | — | | | | — | | Sales and redemptions | | | (8,720,000 | ) | | | — | | | | — | | | | — | | Realized loss | | | (100,000 | ) | | | (900,000 | ) | | | — | | | | — | | Conversion from preferred to common stock | | | — | | | | (150,000 | ) | | | 150,000 | | | | — | | Transfers between level 3 and level 1 | | | (160,938 | ) | | | — | | | | — | | | | — | | Balance as of December 31, 2024 | | $ | 13,006,231 | | | $ | — | | | $ | — | | | $ | — | |
| | For the year ended December 31, 2023 | | | | ST Non-banking Loans | | | Preferred Stock | | | Other Equity | | | | | | | | Balance as of January 1, 2023 | | $ | 15,285,932 | | | $ | 1,200,000 | | | $ | 222,500 | | Net change in unrealized appreciation (depreciation) | | | (195,041 | ) | | | (935,000 | ) | | | 600,000 | | Purchases and other adjustments to cost | | | 12,900,500 | | | | — | | | | — | | Sales and redemptions | | | (11,029,625 | ) | | | — | | | | — | | Realized loss | | | — | | | | — | | | | (600,000 | ) | Transfers between level 3 and level 1 | | | — | | | | — | | | | (212,500 | ) | Balance as of December 31, 2023 | | $ | 16,961,766 | | | $ | 265,000 | | | $ | 10,000 | |
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| Schedule of Level 3 investments held and the unobservable inputs used to determine their valuation |
Security Type | | | 12/31/24 FMV | | Valuation Technique | | Unobservable Inputs | | Range | ST Non-banking Loans | | $ | 13,006,231 | | discounted cash flow | | determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness | | 15-24% | Other Equity | | | — | | last secured funding known by company | | economic changes since last funding | | | Common Stock | | | — | | last funding secured by company | | economic changes since last funding | | | | | $ | 13,006,231 | | | | | | |
Security Type | | | 12/31/23 FMV | | Valuation Technique | | Unobservable Inputs | | Range | ST Non-banking Loans | | $ | 16,961,766 | | discounted cash flow | | determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness | | 12-23% | Other Equity | | | 10,000 | | last secured funding known by company | | | | | Preferred Stock | | | 265,000 | | last funding secured by company | | economic changes since last funding | | | | | $ | 17,236,766 | | | | | | |
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