Mill City Ventures III(MCVT) - 2022 Q3 - Quarterly Report

Investment Performance - For the nine months ended September 30, 2022, the company made $13,924,333 in investments and loans, with$10,076,483 in redemptions and repayments, resulting in net investments at amortized cost of $17,913,927[85]. - Investment income for the three months ended September 30, 2022, was$1,115,224, compared to $755,601 for the same period in 2021, representing a 47.7$2,840,425 for the nine months ended September 30, 2022, compared to $1,756,492 in 2021, a 61.6$16,040,748 in short-term non-banking loans, representing 88.8% of total investments[86]. Operating Expenses - Operating expenses for the nine months ended September 30, 2022, were $2,227,865, up from$1,023,596 in 2021, indicating a 117.5% increase[88]. - Professional fees for the nine months ended September 30, 2022, totaled $1,309,348, significantly higher than$300,297 in 2021, reflecting a 335.5% increase[91]. Cash Flow - As of September 30, 2022, the company had cash of $1,861,650, a decrease of$74,498 from December 31, 2021[97]. - For the nine months ended September 30, 2022, net cash used in operating activities was $6,429,293, compared to$1,306,775 in 2021, indicating a significant increase in cash outflow[95]. Net Assets - The company recorded a net increase in net assets from operations of $893,993 for the nine months ended September 30, 2022, compared to$2,557,836 in 2021[94]. Public Offering - 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 and net proceeds of approximately $4,041,000[99].