2022 Q4 Form 10-Q Financial Statement

#000121390022071151 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $454.3K -$272.7K $361.7K
YoY Change 25.62% -176.22% 106.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $489.7K $704.3K $588.9K
YoY Change -16.83% 75.53% 47.33%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $489.7K $705.9K $588.9K
YoY Change -16.83% 75.93% 47.33%
Operating Profit
YoY Change
Interest Expense $960.0K $7.254M $1.968M
YoY Change -51.21% -544.88% 51.7%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $924.5K -$272.7K $1.740M
YoY Change -46.88% -83.71% 62.23%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $924.5K $6.983M $1.740M
YoY Change -46.88% -517.12% 61.45%
Net Earnings / Revenue 203.51% 481.24%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.01 $0.00 $14.45K
COMMON SHARES
Basic Shares Outstanding 120.5M shares 120.5M shares 120.5M shares
Diluted Shares Outstanding 120.5M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.526M $188.0K $523.8K
YoY Change 191.27% -79.99% -69.65%
Cash & Equivalents $1.526M $188.0K $523.8K
Short-Term Investments
Other Short-Term Assets $76.37K $123.5K $71.06K
YoY Change 7.47% 10.03% 36.29%
Inventory
Prepaid Expenses $35.55K $82.88K $30.47K
Receivables
Other Receivables
Total Short-Term Assets $32.49M $41.62M $594.9K
YoY Change 5361.05% 3858.39% -66.54%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.56M $40.77M $34.31M
YoY Change -10.91% 26.08% 59.07%
Other Assets $310.9K $104.2K
YoY Change 171.84% -9.23%
Total Long-Term Assets -$402.7K -$1.429M $34.64M
YoY Change -101.16% -104.37% 58.24%
TOTAL ASSETS
Total Short-Term Assets $32.49M $41.62M $594.9K
Total Long-Term Assets -$402.7K -$1.429M $34.64M
Total Assets $32.08M $40.20M $35.23M
YoY Change -8.94% 19.13% 48.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.1K $364.9K $203.7K
YoY Change -11.57% 540.13% 127.64%
Accrued Expenses $91.93K $512.7K $262.3K
YoY Change -64.96% 14.0% -52.49%
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 $402.7K $1.429M $739.0K
YoY Change -45.51% 45.72% -33.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $78.52K $20.28K
YoY Change 185.84% -71.64%
Total Long-Term Liabilities $0.00 $78.52K $20.28K
YoY Change -100.0% 185.84% -71.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $402.7K $1.429M $739.0K
Total Long-Term Liabilities $0.00 $78.52K $20.28K
Total Liabilities $402.7K $1.429M $759.3K
YoY Change -46.96% 41.75% -36.04%
SHAREHOLDERS EQUITY
Retained Earnings -$32.91M -$24.79M -$30.52M
YoY Change 7.83%
Common Stock $64.99M $64.99M $64.99M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.08M $40.20M $34.47M
YoY Change
Total Liabilities & Shareholders Equity $32.49M $41.62M $35.23M
YoY Change -7.79% 23.37% 48.87%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income $924.5K $6.983M $1.740M
YoY Change -46.88% -517.12% 61.45%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $10.37M -$84.07K -$415.5K
YoY Change -2597.09% -128.13% -141.0%
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 -9.036M
YoY Change
NET CHANGE
Cash From Operating Activities 10.37M -84.07K -415.5K
Cash From Investing Activities
Cash From Financing Activities -9.036M
Net Change In Cash 1.338M -84.07K -415.5K
YoY Change -422.04% -128.13% -141.0%
FREE CASH FLOW
Cash From Operating Activities $10.37M -$84.07K -$415.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 – NATURE OF OPERATIONS </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>References herein to “we”, “us” or “our” refer to Princeton Capital Corporation (the “Company” or “Princeton Capital”), unless the context specifically requires otherwise.</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Princeton Capital Corporation, a Maryland corporation, was incorporated under the general laws of the State of Maryland on July 25, 2013. We are a non-diversified, closed-end investment company that has filed an election to be regulated as a business development company (“BDC”), under the Investment Company Act of 1940, as amended (the “1940 Act”). A goal of a BDC is to annually qualify and elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company, however, did not meet the requirements to qualify as a RIC for the 2021 tax year and will be taxed as a corporation under Subchapter C of the Code and does not expect to meet the qualifications of a RIC until such time as certain strategic alternatives are achieved. While we have sought to invest primarily in private small and lower middle-market companies in various industries through first lien loans, second lien loans, unsecured loans, unitranche and mezzanine debt financing, often times with a corresponding equity investment, we are now (with a strategic alternatives process underway and limited resources) investing only in current investments and otherwise conserving cash. Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to March 13, 2015, Princeton Capital’s predecessor operated under the name Regal One Corporation (“Regal One”). Regal One had been located in Scottsdale, Arizona, and was a Florida corporation initially incorporated in 1959 as Electro-Mechanical Services Inc. Since inception, Regal One had been involved in several industries. In 1998, Electro-Mechanical Services Inc. changed its name to Regal One Corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 7, 2005, Regal One’s board of directors determined it was in the shareholders’ best interest to change the focus of its operations to providing financial consulting services through its network of advisors and professionals, and to be regulated as a BDC under the 1940 Act. On September 16, 2005, Regal One filed a Form N54A (Notification of Election by Business Development Companies) with the Securities and Exchange Commission (“SEC”), which transformed Regal One into a BDC in accordance with sections 55 through 65 of the 1940 Act. Regal One reported as an operating BDC from March 31, 2006 until March 13, 2015 and since March 13, 2015 (following Regal One’s reincorporation from Florida to Maryland by merging with and into the Company with the Company continuing as the surviving corporation) Princeton Capital has reported as an operating BDC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 27, 2017, the Board approved (specifically in accordance with Rule 15a-4(b)(1)(ii) of the Investment Company Act) and authorized the Company to enter into an Interim Investment Advisory Agreement between the Company and House Hanover, LLC, a Delaware limited liability company (“House Hanover”) (the “Interim Investment Advisory Agreement”), in accordance with Rule 15a-4 of the Investment Company Act. The effective date of the Interim Investment Advisory Agreement was January 1, 2018.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 5, 2018, the Board, including a majority of the independent directors, conditionally approved the Investment Advisory Agreement between the Company and House Hanover (the “House Hanover Investment Advisory Agreement”) subject to the approval of the Company’s stockholders at the 2018 Annual Meeting of Stockholders. The House Hanover Investment Advisory Agreement replaced the Interim Investment Advisory Agreement. On May 30, 2018, the Company’s stockholders approved the House Hanover Investment Advisory Agreement. The effective date of the House Hanover Investment Advisory Agreement was May 31, 2018. The House Hanover Investment Advisory Agreement was last annually renewed by the Board and by a majority of the members of the Board who are not parties to the House Hanover Investment Advisory Agreement or “interested persons” (as such term is defined in the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act and the House Hanover Investment Advisory Agreement on May 9, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since January 1, 2018, House Hanover has acted as our investment advisor under the Interim Investment Advisory Agreement (from January 1, 2018 until May 31, 2018) and the House Hanover Investment Advisory Agreement (since May 31, 2018).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2019, our Board announced that the Company has initiated a strategic review process to identify, examine, and consider a range of strategic alternatives available to the Company, including but not limited to, (i) selling the Company’s assets to a business development company or other potential buyer, (ii) merging with another business development company, (iii) liquidating the Company’s assets in accordance with a plan of liquidation, (iv) raising additional funds for the Company, or (v) otherwise entering into another business combination, with the objective of maximizing stockholder value. On August 19, 2021, the Company provided an update with respect to our strategic review process and reported that the process was ongoing and that our options had been enhanced by significant valuation growth in our portfolio. As of September 30, 2022 and through the date of filing this Quarterly Report, the Company has not entered into any agreements regarding any strategic alternative and the strategic process remains ongoing.</p>
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CY2021Q3 piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
-0.014
CY2022Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.334
CY2021Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.272
CY2022Q3 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.21 pure
CY2021Q3 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.049 pure
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2022Q3 piac Net Assets
NetAssets
40195377 usd
CY2021Q3 piac Net Assets
NetAssets
32732521 usd
CY2022Q3 piac Average Net Asset
AverageNetAsset
33288189 usd
CY2021Q3 piac Average Net Asset
AverageNetAsset
34388442 usd
CY2022Q3 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.084 pure
CY2021Q3 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.046 pure
CY2022Q3 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.074 pure
CY2021Q3 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.038 pure
CY2022Q3 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.032 pure
CY2021Q3 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.005 pure
CY2022Q3 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.032 pure
CY2021Q3 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.005 pure
CY2022Q3 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
0.832 pure
CY2021Q3 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
-0.193 pure
CY2022Q3 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0 pure
CY2021Q3 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.004 pure
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.286
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.187
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.006
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.005
piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
0.054
piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
0.09
CY2022Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.334
CY2021Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.272
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.168 pure
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.455 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2022Q3 piac Net Assets
NetAssets
40195377 usd
CY2021Q3 piac Net Assets
NetAssets
32732521 usd
piac Average Net Asset
AverageNetAsset
33703681 usd
piac Average Net Asset
AverageNetAsset
27905393 usd
piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.073 pure
piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.056 pure
us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.063 pure
us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.047 pure
piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.029 pure
piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.031 pure
piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.029 pure
piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.031 pure
piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
0.227 pure
piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
0.491 pure
piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0 pure
piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.0047 pure
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.187
CY2019Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.276
CY2021 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.007
CY2020 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.005
CY2019 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.009
CY2018 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.009
CY2017 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.008
CY2021 piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
0.106
CY2020 piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
-0.022
CY2019 piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
-0.06
CY2018 piac Investment Company Investments Income Loss Per Share
InvestmentCompanyInvestmentsIncomeLossPerShare
-0.007
CY2020 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-0.062
CY2018 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.003 pure
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2018 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.054 pure
CY2017 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.033 pure
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120486061 shares
CY2021Q4 piac Net Assets
NetAssets
34472992 usd
CY2020Q4 piac Net Assets
NetAssets
22479540 usd
CY2019Q4 piac Net Assets
NetAssets
33280329 usd
CY2018Q4 piac Net Assets
NetAssets
41554951 usd
CY2017Q4 piac Net Assets
NetAssets
41407539 usd
CY2021 piac Average Net Asset
AverageNetAsset
29126862 usd
CY2020 piac Average Net Asset
AverageNetAsset
25276013 usd
CY2019 piac Average Net Asset
AverageNetAsset
38504249 usd
CY2018 piac Average Net Asset
AverageNetAsset
41416562 usd
CY2017 piac Average Net Asset
AverageNetAsset
42634685 usd
CY2021 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.06 pure
CY2020 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.062 pure
CY2019 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.058 pure
CY2018 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.054 pure
CY2017 piac Ratio Of Expenses To Average Net Assets
RatioOfExpensesToAverageNetAssets
0.038 pure
CY2021 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.06 pure
CY2020 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.062 pure
CY2019 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.058 pure
CY2021 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.051 pure
CY2020 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.052 pure
CY2019 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.049 pure
CY2018 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.043 pure
CY2017 us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.028 pure
CY2021 piac Net Operating Expenses Excluding Management Fees Incentive Fees And Interest Expense To Aver
NetOperatingExpensesExcludingManagementFeesIncentiveFeesAndInterestExpenseToAver
0.051 pure
CY2020 piac Net Operating Expenses Excluding Management Fees Incentive Fees And Interest Expense To Aver
NetOperatingExpensesExcludingManagementFeesIncentiveFeesAndInterestExpenseToAver
0.052 pure
CY2019 piac Net Operating Expenses Excluding Management Fees Incentive Fees And Interest Expense To Aver
NetOperatingExpensesExcludingManagementFeesIncentiveFeesAndInterestExpenseToAver
0.049 pure
CY2018 piac Net Operating Expenses Excluding Management Fees Incentive Fees And Interest Expense To Aver
NetOperatingExpensesExcludingManagementFeesIncentiveFeesAndInterestExpenseToAver
0.043 pure
CY2017 piac Net Operating Expenses Excluding Management Fees Incentive Fees And Interest Expense To Aver
NetOperatingExpensesExcludingManagementFeesIncentiveFeesAndInterestExpenseToAver
0.032 pure
CY2021 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.03 pure
CY2020 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.027 pure
CY2019 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
-0.028 pure
CY2018 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
0.025 pure
CY2017 piac Ratio Of Net Investment Loss To Average Net Assets
RatioOfNetInvestmentLossToAverageNetAssets
0.024 pure
CY2021 piac Net Investment Incomeloss To Average Net Assets Excluding Management Fee Waiver
NetInvestmentIncomelossToAverageNetAssetsExcludingManagementFeeWaiver
-0.03 pure
CY2020 piac Net Investment Incomeloss To Average Net Assets Excluding Management Fee Waiver
NetInvestmentIncomelossToAverageNetAssetsExcludingManagementFeeWaiver
-0.027 pure
CY2019 piac Net Investment Incomeloss To Average Net Assets Excluding Management Fee Waiver
NetInvestmentIncomelossToAverageNetAssetsExcludingManagementFeeWaiver
-0.028 pure
CY2018 piac Net Investment Incomeloss To Average Net Assets Excluding Management Fee Waiver
NetInvestmentIncomelossToAverageNetAssetsExcludingManagementFeeWaiver
0.025 pure
CY2017 piac Net Investment Incomeloss To Average Net Assets Excluding Management Fee Waiver
NetInvestmentIncomelossToAverageNetAssetsExcludingManagementFeeWaiver
0.019 pure
CY2021 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.03 pure
CY2020 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.03 pure
CY2019 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
-0.028 pure
CY2018 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
0.025 pure
CY2017 piac Ratio Of Net Investment Loss To Average Net Assets Excluding Other Income From Noninvestment S
RatioOfNetInvestmentLossToAverageNetAssetsExcludingOtherIncomeFromNoninvestmentS
0.001 pure
CY2021 piac Net Investment Incomeloss To Average Net Assets Excluding Other Income From Noninvestment
NetInvestmentIncomelossToAverageNetAssetsExcludingOtherIncomeFromNoninvestment
-0.03 pure
CY2020 piac Net Investment Incomeloss To Average Net Assets Excluding Other Income From Noninvestment
NetInvestmentIncomelossToAverageNetAssetsExcludingOtherIncomeFromNoninvestment
-0.03 pure
CY2019 piac Net Investment Incomeloss To Average Net Assets Excluding Other Income From Noninvestment
NetInvestmentIncomelossToAverageNetAssetsExcludingOtherIncomeFromNoninvestment
-0.028 pure
CY2018 piac Net Investment Incomeloss To Average Net Assets Excluding Other Income From Noninvestment
NetInvestmentIncomelossToAverageNetAssetsExcludingOtherIncomeFromNoninvestment
0.025 pure
CY2017 piac Net Investment Incomeloss To Average Net Assets Excluding Other Income From Noninvestment
NetInvestmentIncomelossToAverageNetAssetsExcludingOtherIncomeFromNoninvestment
-0.004 pure
CY2021 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
0.412 pure
CY2020 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
-0.427 pure
CY2019 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
-0.215 pure
CY2018 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
0.004 pure
CY2017 piac Ratio Of Net Increasedecrease In Net Assets Resulting From Operations To Average Net Assetsin
RatioOfNetIncreasedecreaseInNetAssetsResultingFromOperationsToAverageNetAssetsin
-0.06 pure
CY2021 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.004 pure
CY2020 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.004 pure
CY2019 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.007 pure
CY2018 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.005 pure
CY2017 piac Portfolio Turnoverin Dollars Per Share
PortfolioTurnoverinDollarsPerShare
0.07 pure
CY2017 us-gaap Management Fee Expense
ManagementFeeExpense
216559 usd
CY2017Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
968256 usd
CY2021Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
9910601 usd
CY2022Q1 us-gaap Bankruptcy Claims Amount Of Claims Expunged By Bankruptcy Court
BankruptcyClaimsAmountOfClaimsExpungedByBankruptcyCourt
15000000 usd
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
11372699 usd
CY2022Q3 us-gaap Bankruptcy Claims Amount Of Claims Expunged By Bankruptcy Court
BankruptcyClaimsAmountOfClaimsExpungedByBankruptcyCourt
15000000 usd
CY2022Q3 us-gaap Bankruptcy Claims Amount Of Claims Under Review By Management
BankruptcyClaimsAmountOfClaimsUnderReviewByManagement
1000000 usd
CY2022Q4 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
11372699 usd
piac Unconsolidated Signifiant Subsidiaries Description
UnconsolidatedSignifiantSubsidiariesDescription
if the Company owns more than 25% of the voting securities or is otherwise controlled by the Company and if the subsidiary investment value exceeds 10% of the Company’s total investments at fair value, the income from the subsidiary investment exceeds 80% of the Company’s change in net assets resulting from operations, or the income from the subsidiary investment exceeds 10% of the Company’s change in net assets resulting from operations and the subsidiary investment value exceeds 5% of the Company’s total investments at fair value.
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.12 pure
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
usd
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
usd
CY2021 us-gaap Gain Loss On Investments
GainLossOnInvestments
usd
CY2021 us-gaap Transfer To Investments
TransferToInvestments
usd
CY2021Q3 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
CY2021 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
CY2019 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q3 piac Interest Income From Noncontrolnonaffiliate Investments
InterestIncomeFromNoncontrolnonaffiliateInvestments
usd
piac Interest Income From Noncontrolnonaffiliate Investments
InterestIncomeFromNoncontrolnonaffiliateInvestments
usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales
usd
piac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Adjustments To Cost
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringAdjustmentsToCost
usd
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000845385

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