$MCVT
Mill City Ventures III, Ltd

2024 Q2 Form 10-Q Financial Statement

#000165495424006409 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $490.6K $471.6K -$1.026M
YoY Change 45.37% -145.97% -325.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $398.1K $360.8K $1.855M
YoY Change -24.89% -80.55% 287.39%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $398.1K $361.1K $1.890M
YoY Change -30.17% -80.89% 246.23%
Operating Profit $168.0K
YoY Change
Interest Expense $0.00 $320.00 $34.67K
YoY Change -100.0% -99.08% -48.21%
% of Operating Profit 20.64%
Other Income/Expense, Net
YoY Change
Pretax Income $547.7K $547.8K -$977.3K
YoY Change 52.13% -156.05% -271.13%
Income Tax $134.7K $165.7K -$259.3K
% Of Pretax Income 24.6% 30.25%
Net Earnings $412.9K $382.1K -$718.0K
YoY Change 489.91% -153.21% -274.24%
Net Earnings / Revenue 84.18% 81.03%
Basic Earnings Per Share $0.06 -$0.12
Diluted Earnings Per Share $0.06 $0.06 -$0.12
COMMON SHARES
Basic Shares Outstanding 6.385M shares 6.385M shares 6.185M shares
Diluted Shares Outstanding 6.502M shares 6.185M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.425M $504.7K $439.8K
YoY Change 393.15% 14.76% 519.3%
Cash & Equivalents $5.425M $504.7K $439.8K
Short-Term Investments
Other Short-Term Assets $103.8K $207.6K $267.6K
YoY Change -35.15% -22.42% 802.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.956M $1.231M $1.324M
YoY Change 227.26% -7.02% 44.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $3.730K $10.90K
YoY Change -100.0% -65.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $355.1K $1.419M
YoY Change -74.98% -29.47%
Other Assets $772.0K $660.0K $461.0K
YoY Change 79.53% 43.17%
Total Long-Term Assets $13.70M $17.79M $20.18M
YoY Change -19.22% -11.87% 0.48%
TOTAL ASSETS
Total Short-Term Assets $5.956M $1.231M $1.324M
Total Long-Term Assets $13.70M $17.79M $20.18M
Total Assets $19.66M $19.02M $21.51M
YoY Change 4.67% -11.57% 2.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.64K $36.50K $91.04K
YoY Change 9.55% -59.91% -13.22%
Accrued Expenses $185.2K $11.34K $11.07K
YoY Change 1752.0% 2.44% -99.23%
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 $272.8K $47.84K $102.1K
YoY Change 203.16% -53.15% -93.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.750M
YoY Change -100.0% -48.36%
Other Long-Term Liabilities $42.22K
YoY Change -84.48%
Total Long-Term Liabilities $0.00 $0.00 $2.792M
YoY Change -100.0% -100.0% -50.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $272.8K $47.84K $102.1K
Total Long-Term Liabilities $0.00 $0.00 $2.792M
Total Liabilities $272.8K $47.83K $2.894M
YoY Change 180.92% -98.35% -59.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.160M -$1.160M -$1.160M
YoY Change 0.0% 0.0% 0.0%
Common Stock $1.467M $1.467M $1.472M
YoY Change -0.4% -0.4% 13546.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.39M $18.97M $18.61M
YoY Change
Total Liabilities & Shareholders Equity $19.66M $19.02M $21.51M
YoY Change 4.67% -11.57% 2.41%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $412.9K $382.1K -$718.0K
YoY Change 489.91% -153.21% -274.24%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $4.920M $128.7K -$3.400M
YoY Change 44.28% -103.79% -52.72%
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 0.000 $0.00 $2.750M
YoY Change -100.0% -100.0% -48.36%
NET CHANGE
Cash From Operating Activities 4.920M $128.7K -$3.400M
Cash From Investing Activities
Cash From Financing Activities 0.000 $0.00 $2.750M
Net Change In Cash 4.920M $128.7K -$649.8K
YoY Change 645.44% -119.81% -65.16%
FREE CASH FLOW
Cash From Operating Activities $4.920M $128.7K -$3.400M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Common Stock Value
CommonStockValue
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CY2023Q4 us-gaap Common Stock Value
CommonStockValue
6385 usd
CY2024Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
15473121 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
15473121 usd
CY2024Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1460209 usd
CY2023Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1460209 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1159665 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1159665 usd
CY2024Q1 mcvt Accumulated Other Comprehensive Income Loss Undistributed Investment Loss
AccumulatedOtherComprehensiveIncomeLossUndistributedInvestmentLoss
-746326 usd
CY2023Q4 mcvt Accumulated Other Comprehensive Income Loss Undistributed Investment Loss
AccumulatedOtherComprehensiveIncomeLossUndistributedInvestmentLoss
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CY2024Q1 mcvt Accumulated Other Comprehensive Income Loss Undistributed Net Realized Gains Loss On Investment Transactions
AccumulatedOtherComprehensiveIncomeLossUndistributedNetRealizedGainsLossOnInvestmentTransactions
5179695 usd
CY2023Q4 mcvt Accumulated Other Comprehensive Income Loss Undistributed Net Realized Gains Loss On Investment Transactions
AccumulatedOtherComprehensiveIncomeLossUndistributedNetRealizedGainsLossOnInvestmentTransactions
5155200 usd
CY2024Q1 mcvt Stockholders Equity Unrealized Appreciation In Value Of Investments
StockholdersEquityUnrealizedAppreciationInValueOfInvestments
-1241053 usd
CY2023Q4 mcvt Stockholders Equity Unrealized Appreciation In Value Of Investments
StockholdersEquityUnrealizedAppreciationInValueOfInvestments
-1292804 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
18972366 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
18590263 usd
CY2024Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
19020200 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
19106697 usd
CY2024Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
2.97
CY2023Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
2.91
CY2024Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
832667 usd
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
864028 usd
CY2024Q1 us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
832667 usd
CY2023Q1 us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
864028 usd
CY2024Q1 us-gaap Professional Fees
ProfessionalFees
138371 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
129851 usd
CY2024Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
151066 usd
CY2023Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1130439 usd
CY2024Q1 us-gaap General Insurance Expense
GeneralInsuranceExpense
26890 usd
CY2023Q1 us-gaap General Insurance Expense
GeneralInsuranceExpense
27000 usd
CY2024Q1 us-gaap Occupancy Net
OccupancyNet
10677 usd
CY2023Q1 us-gaap Occupancy Net
OccupancyNet
19043 usd
CY2024Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
30000 usd
CY2023Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
532968 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
320 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
34667 usd
CY2024Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
3763 usd
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
15827 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
361087 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
1889795 usd
CY2024Q1 us-gaap Net Investment Income
NetInvestmentIncome
471580 usd
CY2023Q1 us-gaap Net Investment Income
NetInvestmentIncome
-1025767 usd
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
24495 usd
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-600000 usd
CY2024Q1 mcvt Net Change In Unrealized Appreciation Depreciation On Investments
NetChangeInUnrealizedAppreciationDepreciationOnInvestments
51751 usd
CY2023Q1 mcvt Net Change In Unrealized Appreciation Depreciation On Investments
NetChangeInUnrealizedAppreciationDepreciationOnInvestments
648423 usd
CY2024Q1 us-gaap Investment Company Realized And Unrealized Gain Loss On Investment And Foreign Currency
InvestmentCompanyRealizedAndUnrealizedGainLossOnInvestmentAndForeignCurrency
76246 usd
CY2023Q1 us-gaap Investment Company Realized And Unrealized Gain Loss On Investment And Foreign Currency
InvestmentCompanyRealizedAndUnrealizedGainLossOnInvestmentAndForeignCurrency
48423 usd
CY2024Q1 mcvt Investment Company Net Assets From Operations Increase Decrease Before Tax
InvestmentCompanyNetAssetsFromOperationsIncreaseDecreaseBeforeTax
547826 usd
CY2023Q1 mcvt Investment Company Net Assets From Operations Increase Decrease Before Tax
InvestmentCompanyNetAssetsFromOperationsIncreaseDecreaseBeforeTax
-977344 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
165723 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-259300 usd
CY2024Q1 mcvt Investment Company Net Assets From Operations Increase Decrease Net Of Tax
InvestmentCompanyNetAssetsFromOperationsIncreaseDecreaseNetOfTax
382103 usd
CY2023Q1 mcvt Investment Company Net Assets From Operations Increase Decrease Net Of Tax
InvestmentCompanyNetAssetsFromOperationsIncreaseDecreaseNetOfTax
-718044 usd
CY2024Q1 mcvt Earnings Per Share From Operation Basic And Diluted
EarningsPerShareFromOperationBasicAndDiluted
0.06
CY2023Q1 mcvt Earnings Per Share From Operation Basic And Diluted
EarningsPerShareFromOperationBasicAndDiluted
-0.12
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6385255 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6185255 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6501823 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6185255 shares
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
18590263 usd
CY2024Q1 us-gaap Investment Income Net
InvestmentIncomeNet
305857 usd
CY2024Q1 mcvt Undistributed Net Realized Gain On Investment Transactions
UndistributedNetRealizedGainOnInvestmentTransactions
24495 usd
CY2024Q1 mcvt Appreciation In Value Of Investments
AppreciationInValueOfInvestments
51751 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
18972366 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
17871560 usd
CY2023Q1 mcvt Stock Options Issued
StockOptionsIssued
1460209 usd
CY2023Q1 mcvt Net Investment Loss Net Of Tax Benefit
NetInvestmentLossNetOfTaxBenefit
-766467 usd
CY2023Q1 mcvt Undistributed Net Realized Loss On Investment Transactions
UndistributedNetRealizedLossOnInvestmentTransactions
-600000 usd
CY2023Q1 mcvt Appreciation In Value Of Investments
AppreciationInValueOfInvestments
648423 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
18613725 usd
CY2024Q1 mcvt Net Increase Decrease In Net Assets Resulting From Operations
NetIncreaseDecreaseInNetAssetsResultingFromOperations
382103 usd
CY2023Q1 mcvt Net Increase Decrease In Net Assets Resulting From Operations
NetIncreaseDecreaseInNetAssetsResultingFromOperations
-718044 usd
CY2024Q1 mcvt Net Change In Unrealized Appreciation Depreciation On Investments
NetChangeInUnrealizedAppreciationDepreciationOnInvestments
51751 usd
CY2023Q1 mcvt Net Change In Unrealized Appreciation Depreciation On Investments
NetChangeInUnrealizedAppreciationDepreciationOnInvestments
648423 usd
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
24495 usd
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-600000 usd
CY2024Q1 mcvt Purchases Of Investments
PurchasesOfInvestments
-73438 usd
CY2023Q1 mcvt Purchases Of Investments
PurchasesOfInvestments
-6900500 usd
CY2024Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
308797 usd
CY2023Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
3945000 usd
CY2024Q1 mcvt Issuance Of Stock Options
IssuanceOfStockOptions
0 usd
CY2023Q1 mcvt Issuance Of Stock Options
IssuanceOfStockOptions
1460209 usd
CY2024Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
97000 usd
CY2023Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-260000 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-36738 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-43633 usd
CY2024Q1 us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-4177 usd
CY2023Q1 us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-115512 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-468600 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-690971 usd
CY2024Q1 mcvt Increase Decrease In Deferred Interest Income
IncreaseDecreaseInDeferredInterestIncome
0 usd
CY2023Q1 mcvt Increase Decrease In Deferred Interest Income
IncreaseDecreaseInDeferredInterestIncome
-27938 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
128701 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3399812 usd
CY2024Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2750000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2750000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
128701 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-649812 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
376024 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1089641 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
504725 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
439829 usd
CY2024Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
17125563 usd
CY2024Q1 mcvt Investment And Loan Percentage Of Fair Value
InvestmentAndLoanPercentageOfFairValue
1.000 pure
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
17284676 usd
CY2024Q1 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
16770508 usd
CY2024Q1 mcvt Fair Value Of Preferred Stock
FairValueOfPreferredStock
265000 usd
CY2024Q1 us-gaap Common Stock Held By Subsidiary
CommonStockHeldBySubsidiary
80055 usd
CY2024Q1 mcvt Fair Value Other Equity
FairValueOtherEquity
10000 usd
CY2024Q1 mcvt Fair Value Total Equity
FairValueTotalEquity
17125563 usd
CY2023Q4 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
16961766 usd
CY2023Q4 mcvt Fair Value Of Preferred Stock
FairValueOfPreferredStock
265000 usd
CY2023Q4 mcvt Fair Value Other Equity
FairValueOtherEquity
10000 usd
CY2023Q4 mcvt Fair Value Total Equity
FairValueTotalEquity
17284676 usd
CY2023 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
259300 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1460209 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6385255 shares
CY2024Q1 mcvt Description Related To Warrants
DescriptionRelatedToWarrants
The warrant allows the underwriter to purchase up to 75,000 common shares at $5.00 per share. This warrant is exercisable after 180 days, and expires on August 8, 2027
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
201173 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
5612 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
5504 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
5065 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4905 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
8634 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
10677 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
19043 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3734 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10903 usd
CY2023Q1 mcvt Less Short Term Portion
LessShortTermPortion
-11067 usd
CY2024Q1 mcvt Operating Lease Discount
OperatingLeaseDiscount
-21 usd
CY2023Q1 mcvt Operating Lease Discount
OperatingLeaseDiscount
-159 usd
CY2022Q1 mcvt Investmentcompanyissuance Of Stock Options
InvestmentcompanyissuanceOfStockOptions
0.00
CY2020Q1 mcvt Investmentcompanyissuance Of Stock Options
InvestmentcompanyissuanceOfStockOptions
0.00

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