$PIAC
PRINCETON CAPITAL CORP

2024 Q4 Form 10-Q Financial Statement

#000121390024097546 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue -$26.94K
YoY Change -116.97%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $352.2K
YoY Change -0.6%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$25.54K
YoY Change -116.07%
Income Tax $1.402K
% Of Pretax Income
Net Earnings -$1.013M
YoY Change 29.88%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 120.5M shares 120.5M shares
Diluted Shares Outstanding 120.5M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.439M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $23.39M
YoY Change -28.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $267.1K
YoY Change -10.97%
SHAREHOLDERS EQUITY
Retained Earnings -$41.86M
YoY Change 29.89%
Common Stock $64.99M
YoY Change 53839.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.13M
YoY Change
Total Liabilities & Shareholders Equity
YoY Change

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.013M
YoY Change 29.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity File Number
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dei Entity Registrant Name
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PRINCETON CAPITAL CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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us-gaap Nature Of Operations
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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 2023 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, 2024.</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. As of September 30, 2024 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Changes in the economic environment, financial markets, creditworthiness of our portfolio companies and any other parameters used in determining these estimates could cause actual results to differ. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates.</p>
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piac Investment Company Average Net Asset
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us-gaap Investment Company Investment Income Loss Ratio
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us-gaap Investment Company Expense Ratio Excluding Incentive Fee
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us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
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us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
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piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
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us-gaap Investment Company Portfolio Turnover
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CY2022 piac Investment Company Unrealized Gain Loss On Investment Per Share
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CY2021 piac Investment Company Unrealized Gain Loss On Investment Per Share
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InvestmentCompanyUnrealizedGainLossOnInvestmentPerShare
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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AssetsNet
31904562 usd
CY2022Q4 us-gaap Assets Net
AssetsNet
32083462 usd
CY2021Q4 us-gaap Assets Net
AssetsNet
34472992 usd
CY2020Q4 us-gaap Assets Net
AssetsNet
22479540 usd
CY2019Q4 us-gaap Assets Net
AssetsNet
33280329 usd
CY2023 piac Investment Company Average Net Asset
InvestmentCompanyAverageNetAsset
32367368 usd
CY2022 piac Investment Company Average Net Asset
InvestmentCompanyAverageNetAsset
35317720 usd
CY2021 piac Investment Company Average Net Asset
InvestmentCompanyAverageNetAsset
29126862 usd
CY2020 piac Investment Company Average Net Asset
InvestmentCompanyAverageNetAsset
25276013 usd
CY2019 piac Investment Company Average Net Asset
InvestmentCompanyAverageNetAsset
38504249 usd
CY2023 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.049 pure
CY2022 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.066 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
CY2023 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.049 pure
CY2022 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.066 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
CY2023 us-gaap Investment Company Expense Ratio Excluding Incentive Fee
InvestmentCompanyExpenseRatioExcludingIncentiveFee
0.04 pure
CY2022 us-gaap Investment Company Expense Ratio Excluding Incentive Fee
InvestmentCompanyExpenseRatioExcludingIncentiveFee
0.056 pure
CY2021 us-gaap Investment Company Expense Ratio Excluding Incentive Fee
InvestmentCompanyExpenseRatioExcludingIncentiveFee
0.051 pure
CY2020 us-gaap Investment Company Expense Ratio Excluding Incentive Fee
InvestmentCompanyExpenseRatioExcludingIncentiveFee
0.052 pure
CY2019 us-gaap Investment Company Expense Ratio Excluding Incentive Fee
InvestmentCompanyExpenseRatioExcludingIncentiveFee
0.049 pure
CY2023 us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
0.025 pure
CY2022 us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
-0.022 pure
CY2021 us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
-0.03 pure
CY2020 us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
-0.027 pure
CY2019 us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
-0.028 pure
CY2023 us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
0.025 pure
CY2022 us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
-0.023 pure
CY2021 us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
-0.03 pure
CY2020 us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
-0.03 pure
CY2019 us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
-0.028 pure
CY2023 piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
-0.006 pure
CY2022 piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
0.188 pure
CY2021 piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
0.412 pure
CY2020 piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
-0.427 pure
CY2019 piac Ratio Of Net Increase Decrease In Net Assets Resulting From Operations To Average Net Asset
RatioOfNetIncreaseDecreaseInNetAssetsResultingFromOperationsToAverageNetAsset
-0.215 pure
CY2023 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0 pure
CY2022 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.323 pure
CY2021 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.004 pure
CY2020 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.004 pure
CY2019 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.007 pure
piac Unconsolidated Significant Subsidiaries Description
UnconsolidatedSignificantSubsidiariesDescription
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.
CY2023Q3 us-gaap Investment Interest Rate Paid In Kind
InvestmentInterestRatePaidInKind
0.06 pure
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
usd
CY2024Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024Q3 piac Tax Preparation Fees
TaxPreparationFees
usd
CY2023Q3 piac Tax Preparation Fees
TaxPreparationFees
usd
piac Tax Preparation Fees
TaxPreparationFees
usd
CY2024Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
usd
CY2024Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
usd
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
usd
us-gaap Payments For Purchase Of Investment Operating Activity
PaymentsForPurchaseOfInvestmentOperatingActivity
usd
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
usd
piac Increase Decrease In Allowance For Bad Debt
IncreaseDecreaseInAllowanceForBadDebt
usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
usd
CY2024Q3 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
piac Investment Company Unrealized Gain Loss On Investment Per Share
InvestmentCompanyUnrealizedGainLossOnInvestmentPerShare
CY2021 piac Investment Company Realized Gain Loss On Investment Per Share
InvestmentCompanyRealizedGainLossOnInvestmentPerShare
CY2019 piac Investment Company Realized Gain Loss On Investment Per Share
InvestmentCompanyRealizedGainLossOnInvestmentPerShare
CY2020Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
CY2019Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0000845385

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