$MCVT
Mill City Ventures III, Ltd

2022 Q1 Form 10-Q Financial Statement

#000141057822001480 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020 Q1
Revenue $454.4K $12.98K $185.0K
YoY Change 3399.6% -92.98% 369.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $478.9K $533.9K $104.8K
YoY Change -10.3% 409.65% -46.74%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $640.00
YoY Change -100.0% 0.0%
% of Gross Profit
Operating Expenses $545.8K $533.9K $105.4K
YoY Change 2.24% 406.55% -46.59%
Operating Profit
YoY Change
Interest Expense $66.94K $2.395M -$361.5K
YoY Change -97.2% -762.43% -127.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $571.1K $2.408M -$281.9K
YoY Change -76.28% -954.05% -124.21%
Income Tax $159.0K $662.7K
% Of Pretax Income 27.84% 27.52%
Net Earnings $412.1K $1.745M -$281.9K
YoY Change -76.38% -718.98% -124.21%
Net Earnings / Revenue 90.7% 13439.93% -152.41%
Basic Earnings Per Share $0.04 $0.16
Diluted Earnings Per Share $0.04 $0.16 -$25.47K
COMMON SHARES
Basic Shares Outstanding 10.79M 10.79M 4.919M shares
Diluted Shares Outstanding 10.79M 10.79M 11.07M

Balance Sheet

Concept 2022 Q1 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.02K $499.2K $5.028M
YoY Change -85.77% -90.07% -56.53%
Cash & Equivalents $71.02K $499.2K
Short-Term Investments
Other Short-Term Assets $29.66K $110.4K $11.56K
YoY Change -73.13% 854.93% -87.8%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $913.7K $1.070M $5.339M
YoY Change -14.58% -79.97% -55.48%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $18.84K $37.96K
YoY Change -100.0% -50.37% -33.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.013M $2.619M $4.486M
YoY Change -23.16% -41.62% -47.84%
Other Assets
YoY Change
Total Long-Term Assets $20.09M $13.48M $4.524M
YoY Change 49.0% 198.0% 7781.31%
TOTAL ASSETS
Total Short-Term Assets $913.7K $1.070M $5.339M
Total Long-Term Assets $20.09M $13.48M $4.524M
Total Assets $21.00M $14.55M $9.863M
YoY Change 44.33% 47.54% -18.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.9K $59.70K $35.65K
YoY Change 75.73% 67.46% -64.63%
Accrued Expenses $1.434M $614.5K $40.33K
YoY Change 133.38% 1423.58% -32.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.539M $674.2K $75.98K
YoY Change 128.29% 787.29% -24.62%
LONG-TERM LIABILITIES
Long-Term Debt $5.325M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $272.0K $144.0K
YoY Change 88.89%
Total Long-Term Liabilities $5.597M $144.0K $0.00
YoY Change 3786.81% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.539M $674.2K $75.98K
Total Long-Term Liabilities $5.597M $144.0K $0.00
Total Liabilities $7.175M $1.159M $75.98K
YoY Change 518.99% 1425.6% -52.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.160M
YoY Change
Common Stock $10.79K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.83M $13.39M $9.787M
YoY Change
Total Liabilities & Shareholders Equity $21.00M $14.55M $9.863M
YoY Change 44.33% 47.54% -18.15%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $412.1K $1.745M -$281.9K
YoY Change -76.38% -718.98% -124.21%
Depreciation, Depletion And Amortization $0.00 $640.00
YoY Change -100.0% 0.0%
Cash From Operating Activities -$7.190M -$4.402M -$3.039M
YoY Change 63.33% 44.86% -220.53%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.325M -539.3K 0.000
YoY Change -1087.4% -100.0%
NET CHANGE
Cash From Operating Activities -7.190M -4.402M -3.039M
Cash From Investing Activities
Cash From Financing Activities 5.325M -539.3K 0.000
Net Change In Cash -1.865M -4.941M -3.039M
YoY Change -62.26% 62.6% -251.67%
FREE CASH FLOW
Cash From Operating Activities -$7.190M -$4.402M -$3.039M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2021Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
13933057
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
14098675
CY2021Q4 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
1.0510
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1936148
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
1936148
CY2021 mcvt Cash And Cash Equivalents Percent Of Net Assets
CashAndCashEquivalentsPercentOfNetAssets
0.1443
CY2021Q4 mcvt Investments And Cash Cost
InvestmentsAndCashCost
15869205
CY2021Q4 mcvt Investments And Cash Fair Value
InvestmentsAndCashFairValue
16034823
CY2021 mcvt Investments And Cash Percentage Of Net Assets
InvestmentsAndCashPercentageOfNetAssets
1.1953
CY2022Q1 mcvt Maximum Percentage Of Total Assets Investment Securities
MaximumPercentageOfTotalAssetsInvestmentSecurities
0.40
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of estimates: </span>The preparation of financial statements in conformity with GAAP requires management and our Board of Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates, and the differences could be material. For more information, see the “Valuation of portfolio investments” caption below, and “Note 4 – Fair Value of Financial Instruments” below. The Company is an investment company following accounting and reporting guidance in ASC 946.</p>
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
14098675
CY2021 mcvt Percentage Of Fair Value
PercentageOfFairValue
1.000
CY2022Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
20087500
CY2022Q1 mcvt Percentage Of Fair Value
PercentageOfFairValue
1.000
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
14098675
CY2021 mcvt Percentage Of Fair Value
PercentageOfFairValue
1.000
CY2022Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
20087500
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
14098675
CY2022Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
19943929
CY2022Q1 mcvt Percentage Of Amortized Cost
PercentageOfAmortizedCost
1.000
CY2022Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
20087500
CY2022Q1 mcvt Percentage Of Fair Value
PercentageOfFairValue
1.000
CY2021Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
13933057
CY2021 mcvt Percentage Of Amortized Cost
PercentageOfAmortizedCost
1.000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.29
CY2022Q1 mcvt Federal And State Tax Payment
FederalAndStateTaxPayment
1362000
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
350000
CY2022Q1 us-gaap Line Of Credit
LineOfCredit
5325000
CY2022Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
39000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
45000
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1434000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1269000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
159000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.28
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
662691
CY2022Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2027-01-03
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10790413
CY2022Q1 mcvt Investment Company Net Increase Decrease In Net Assets From Operations
InvestmentCompanyNetIncreaseDecreaseInNetAssetsFromOperations
412111
CY2021Q1 mcvt Investment Company Net Increase Decrease In Net Assets From Operations
InvestmentCompanyNetIncreaseDecreaseInNetAssetsFromOperations
1745042
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10790413
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10785913
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
CY2022Q1 mcvt Number Of Non Cancelable Operating Leases
NumberOfNonCancelableOperatingLeases
2
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2022Q1 us-gaap Lease Cost
LeaseCost
16812
CY2021Q1 us-gaap Lease Cost
LeaseCost
16689
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4779
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4779
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4601
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4478
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7432
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7432
CY2022Q1 us-gaap Lease Cost
LeaseCost
16812
CY2021Q1 us-gaap Lease Cost
LeaseCost
16689
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
18164
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14859
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33023
CY2022Q1 mcvt Lease Payment Less Interest
LeasePaymentLessInterest
1035
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
31988
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.24
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.08
CY2019Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.91
CY2018Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.02
CY2017Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.87
CY2022Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.04
CY2021Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.00
CY2020Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.00
CY2019Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.02
CY2018Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.01
CY2022Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
0.01
CY2021Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
0.22
CY2020Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-0.03
CY2019Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
0.12
CY2018Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
0.06
CY2022Q1 mcvt Investment Company Provision For Income Taxes Per Share
InvestmentCompanyProvisionForIncomeTaxesPerShare
-0.01
CY2021Q1 mcvt Investment Company Provision For Income Taxes Per Share
InvestmentCompanyProvisionForIncomeTaxesPerShare
-0.06
CY2020Q1 mcvt Investment Company Provision For Income Taxes Per Share
InvestmentCompanyProvisionForIncomeTaxesPerShare
0.00
CY2019Q1 mcvt Investment Company Provision For Income Taxes Per Share
InvestmentCompanyProvisionForIncomeTaxesPerShare
0.00
CY2018Q1 mcvt Investment Company Provision For Income Taxes Per Share
InvestmentCompanyProvisionForIncomeTaxesPerShare
0.00
CY2022Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.00
CY2021Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.00
CY2020Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.00
CY2019Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.05
CY2018Q1 us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.00
CY2022Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.28
CY2021Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.24
CY2020Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.88
CY2019Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.07
CY2018Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.92
CY2022Q1 mcvt Market Value Of Investments Per Share
MarketValueOfInvestmentsPerShare
1.86
CY2021Q1 mcvt Market Value Of Investments Per Share
MarketValueOfInvestmentsPerShare
1.25
CY2020Q1 mcvt Market Value Of Investments Per Share
MarketValueOfInvestmentsPerShare
0.41
CY2019Q1 mcvt Market Value Of Investments Per Share
MarketValueOfInvestmentsPerShare
0.78
CY2018Q1 mcvt Market Value Of Investments Per Share
MarketValueOfInvestmentsPerShare
0.76
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10790413
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10786913
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11067402
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11067402
CY2018Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11067402
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10790413
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10785913
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11067402
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11067402
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11863392
CY2022Q1 us-gaap Assets Net
AssetsNet
13826160
CY2021Q1 us-gaap Assets Net
AssetsNet
13391679
CY2020Q1 us-gaap Assets Net
AssetsNet
9786615
CY2019Q1 us-gaap Assets Net
AssetsNet
11890188
CY2018Q1 us-gaap Assets Net
AssetsNet
9783191
CY2022Q1 mcvt Average Assets Net
AverageAssetsNet
13620104
CY2021Q1 mcvt Average Assets Net
AverageAssetsNet
12516283
CY2020Q1 mcvt Average Assets Net
AverageAssetsNet
9927574
CY2019Q1 mcvt Average Assets Net
AverageAssetsNet
12911895
CY2018Q1 mcvt Average Assets Net
AverageAssetsNet
9770410
CY2022Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.0323
CY2021Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.1481
CY2020Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.0330
CY2019Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.0490
CY2018Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.0575
CY2022Q1 mcvt Investment Company Portfolio Turnover Rate
InvestmentCompanyPortfolioTurnoverRate
8.46
CY2021Q1 mcvt Investment Company Portfolio Turnover Rate
InvestmentCompanyPortfolioTurnoverRate
40.24
CY2020Q1 mcvt Investment Company Portfolio Turnover Rate
InvestmentCompanyPortfolioTurnoverRate
0.75
CY2019Q1 mcvt Investment Company Portfolio Turnover Rate
InvestmentCompanyPortfolioTurnoverRate
0.93
CY2018Q1 mcvt Investment Company Portfolio Turnover Rate
InvestmentCompanyPortfolioTurnoverRate
0.80
CY2022Q1 us-gaap Investment Company Expense Ratio After Incentive Allocation
InvestmentCompanyExpenseRatioAfterIncentiveAllocation
0.1528
CY2021Q1 us-gaap Investment Company Expense Ratio After Incentive Allocation
InvestmentCompanyExpenseRatioAfterIncentiveAllocation
0.1620
CY2020Q1 us-gaap Investment Company Expense Ratio After Incentive Allocation
InvestmentCompanyExpenseRatioAfterIncentiveAllocation
0.0782
CY2019Q1 us-gaap Investment Company Expense Ratio After Incentive Allocation
InvestmentCompanyExpenseRatioAfterIncentiveAllocation
0.0606
CY2018Q1 us-gaap Investment Company Expense Ratio After Incentive Allocation
InvestmentCompanyExpenseRatioAfterIncentiveAllocation
0.0752
CY2022Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.1424
CY2021Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.0042
CY2020Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.0087
CY2019Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0487
CY2018Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0616
CY2022Q1 mcvt Investment Company Realized Gains Losses Ratio
InvestmentCompanyRealizedGainsLossesRatio
4.20
CY2021Q1 mcvt Investment Company Realized Gains Losses Ratio
InvestmentCompanyRealizedGainsLossesRatio
133.32
CY2020Q1 mcvt Investment Company Realized Gains Losses Ratio
InvestmentCompanyRealizedGainsLossesRatio
1.00
CY2019Q1 mcvt Investment Company Realized Gains Losses Ratio
InvestmentCompanyRealizedGainsLossesRatio
137.57
CY2018Q1 mcvt Investment Company Realized Gains Losses Ratio
InvestmentCompanyRealizedGainsLossesRatio
2.17

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