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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Differences Reclassified for Tax Purposes | The following differences were reclassified for tax purposes for the years ended December 31, 2024 and December 31, 2023:
|  | 2024 |  |  | 2023 |
(Decrease) increase in capital in excess of par value |  | $ | (381,550 | ) |  | $ | 4,336,903 |
Increase (decrease) in total distributable earnings |  |  | 381,550 |  |  |  | (4,336,903 | )
Schedule of Reconciliation of Net Increase in Net Assets Resulting From Operations to Taxable Income | The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2024 and December 31, 2023:
|  | 2024 |  |  | 2023 |
Net increase in net assets resulting from operations |  | $ | 8,827,612 |  |  | $ | 6,526,650 |
Net change in unrealized appreciation/depreciation on investments |  |  | 5,722,329 |  |  |  | (2,867,520 | )
Net change in deferred tax asset/liability |  |  | 376,989 |  |  |  | (77,734 | )
GAAP versus tax basis consolidation of subsidiaries |  |  | (32,936 | ) |  |  | (1,332,687 | )
Other permanent book income and tax income differences |  |  | 37,498 |  |  |  | 1,348,624 |
Temporary book income and tax income differences |  |  | (2,270,112 | ) |  |  | (82,198 | )
Taxable income |  | $ | 12,661,380 |  |  | $ | 3,515,135 |
Schedule of Tax Character of Distributions Paid and Deemed Paid | The tax character of distributions paid and deemed paid during the years ended December 31, 2024 and December 31, 2023 was as follows:
|  | 2024 |  |  | 2023 |
Ordinary income |  | $ | 3,427,968 |  |  | $ | 3,432,757 |
Long-term capital gains |  |  | 9,554,568 |  |  |  | — |
Return of Capital |  |  | — |  |  |  | — |
Total |  | $ | 12,982,536 |  |  | $ | 3,432,757 |
Schedule of Components of Distributable Earnings/(Accumulated Losses) and Reconciliation to Accumulated Earnings/(Deficit) | The tax basis components of distributable earnings (accumulated losses) and reconciliation to accumulated earnings (deficit) on a book basis for the years ended December 31, 2024 and December 31, 2023 were as follows:
|  | 2024 |  |  | 2023 |
Undistributed ordinary income – tax basis |  | $ | 11,649 |  |  | $ | 332,806 |
Capital loss carry forwards |  |  | — |  |  |  | (1,546,597 | )
Unrealized appreciation on investments |  |  | 3,843,912 |  |  |  | 9,906,212 |
Other temporary differences |  |  | (1,313,179 | ) |  |  | (2,376,665 | )
Total accumulated earnings – book basis |  | $ | 2,542,382 |  |  | $ | 6,315,756 |
Schedule of Net Deferred Tax Asset | The tax effect of the major temporary differences and carryforwards that give rise to the Corporation’s net deferred tax asset at December 31, 2024 and 2023 are approximately as follows:
|  | 2024 |  |  | 2023 |
Investments |  | $ | (635,300 | ) |  | $ | (644,497 | )
NOL & tax credit carryforwards |  |  | 637,461 |  |  |  | 683,676 |
Deferred tax asset, net |  | $ | 2,161 |  |  | $ | 39,179 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) reported in the consolidated statements of operations are as follows for the years ended December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (85,356 | ) |  | $ | 609,056 |  |  | $ | 173,235 |
State |  |  | 5,292 |  |  |  | 58,320 |  |  |  | (2,555 | )
|  |  | (80,064 | ) |  |  | 667,376 |  |  |  | 170,680 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 62,619 |  |  |  | (13,797 | ) |  |  | 92,304 |
State |  |  | (25,600 | ) |  |  | 2,778 |  |  |  | 60,538 |
|  |  | 37,019 |  |  |  | (11,019 | ) |  |  | 152,842 |
Total |  | $ | (43,045 | ) |  | $ | 656,357 |  |  | $ | 323,522 |
Schedule of Reconciliation of the Expense (Benefit) From Income Taxes at the Federal Statutory Rate | A reconciliation of the expense (benefit) from income taxes at the federal statutory rate to the expense reported is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net investment income (loss), realized gain (loss) and unrealized gain (loss) before income taxes |  | $ | 8,784,567 |  |  | $ | 7,183,007 |  |  | $ | (558,327 | )
Expected tax expense (benefit) at statutory rate |  |  | 1,844,759 |  |  |  | 1,508,431 |  |  |  | (117,249 | )
State - net of federal effect |  |  | (14,673 | ) |  |  | 48,267 |  |  |  | 45,807 |
Pass-through expense (benefit) from portfolio investment |  |  | 4,145 |  |  |  | 487 |  |  |  | 721 |
Change in valuation allowance |  |  | 232,133 |  |  |  | 131,338 |  |  |  | — |
Tax benefit of RIC status |  |  | (2,169,298 | ) |  |  | (1,067,238 | ) |  |  | 400,329 |
RIC excise tax expense |  |  | 37,388 |  |  |  | 52,800 |  |  |  | — |
Other |  |  | 22,501 |  |  |  | (17,728 | ) |  |  | (6,086 | )
Total |  | $ | (43,045 | ) |  | $ | 656,357 |  |  | $ | 323,522 |

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