U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period of September 30, 2024

or

☐  TRANSITION QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 333-168195

FIRSTHAND TECHNOLOGY VALUE FUND, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland (State or Other Jurisdiction of Incorporation or Organization)	27-3008946 (I.R.S. Employer Identification No)
150 Almaden Boulevard, Suite 1250 San Jose, California (Address of Principal Executive Offices)	95113 (Zip Code)

Telephone Number, Including Area Code: (408) 886-7096

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common	SVVC	OTCQB

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☑ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

☐ Large Accelerated Filer   ☑ Non-accelerated Filer
    ☐ Accelerated Filer     ☐ Smaller Reporting Company   ☑ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐ Yes     ☑ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at September 30, 2024
Common Stock, $0.001 par value per share	6,893,056

TABLE OF CONTENTS

Item 1. Financial Statements	2
Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023	2
Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	3
Consolidated Statements of Cash Flows (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	4
Consolidated Statements of Changes in Net Assets (Unaudited) for the Three and Nine Months Ended September 30, 2024, and September 30, 2023	5
Selected Per Share Data and Ratios for the Nine Months Ended September 30, 2024 (Unaudited) (Consolidated), for the Year Ended December 31, 2023 (Consolidated), for the Year Ended December 31, 2022 (Consolidated), for the Year Ended December 31, 2021 (Consolidated), for the Year Ended December 31, 2020 (Consolidated), and for the Year Ended December 31, 2019 (Consolidated)	6
Consolidated Schedule of Investments as of September 30, 2024 (Unaudited) and for the Year Ended December 31, 2023	8
Notes to Consolidated Financial Statements (Unaudited)	21
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	51
PART II. OTHER INFORMATION	52
Item 1. Legal Proceedings	52
Item 1A. Risk Factors	52
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3. Defaults Upon Senior Securities	52
Item 4. Mine Safety Disclosures	52
Item 5. Other Information	52
Item 6. Exhibits	54
SIGNATURES	55

1

PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

 Firsthand Technology Value Fund, Inc.

Consolidated Statements of Assets and Liabilities

	AS OF SEPTEMBER 30, 2024 (UNAUDITED)			AS OF DECEMBER 31, 2023
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	1,998,082	*	$	1,173,502	*
Affiliated investments at acquisition cost		662,235			662,235
Controlled investments at acquisition cost		114,315,039			132,131,932
Total acquisition cost		116,975,356		$	133,967,669
Unaffiliated investments at market value	$	998,082	*	$	173,502	*
Affiliated investments at market value		351,834			299,932
Controlled investments at market value		81,244			8,260,345
Total Market value (Note 6)		1,431,160			8,733,779	**
Foreign currency at value (cost $2,629 and $2,629)		2,806			2,765
Receivable for securities sold		325,000			—
Receivable from dividends and interest		15,471			8,161
Other assets		439,385			63,649
Total Assets		2,213,822			8,808,354
LIABILITIES
Due to Custodian		158,804			—
Payable to affiliates (Note 4)		54,845			7,183,782
Directors’ fees payable (Note 2)		212,504			13,891
Consulting fee payable		41,000			43,000
Accrued expenses and other payables		202,522			307,310
Total Liabilities		669,675			7,547,983
NET ASSETS	$	1,544,147		$	1,260,371
Net Assets consist of:
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	6,893		$	6,893
Paid-in-capital		176,770,722			176,770,722
Total distributable earnings (loss)		(175,233,468	)		(175,517,244	)
NET ASSETS	$	1,544,147		$	1,260,371
Shares of Common Stock outstanding		7,016,432			7,016,432
Shares of Treasury Stock outstanding		(123,376	)		(123,376	)
Total Shares of Common Stock outstanding		6,893,056			6,893,056
Net asset value per share (Note 2)	$	0.22		$	0.18

*	Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 09/30/24 and 12/31/23 were 4.83% and 5.23%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.
**	Includes warrants whose primary risk exposure is equity contracts.

See accompanying notes to financial statements

2

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Operations (Unaudited)

	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	SEPTEMBER 30, 2024			SEPTEMBER 30, 2023			SEPTEMBER 30, 2024			SEPTEMBER 30, 2023
INVESTMENT INCOME (LOSS)
Unaffiliated interest	$	15,456		$	9,985		$	17,793		$	33,456
Affiliated/controlled interest		20,336			(244,111	)		80,000			55,356
TOTAL INVESTMENT INCOME (LOSS)		35,792			(234,126	)		97,793			88,812
EXPENSES
Investment advisory fees (Note 4)		19,472			73,300			79,128			412,843
Administration fees		26,911			29,739			86,156			87,243
Custody fees		629			(11	)		2,264			6,589
Transfer agent fees		8,525			6,381			19,878			26,892
Registration and filing fees		(14,037	)		8,897			3,590			26,402
Professional fees		194,475			87,623			351,579			249,932
Printing fees		(40,075	)		106,912			2,000			207,383
Directors' fees		169,445			36,000			211,112			58,086
Compliance fees		27,811			29,938			82,828			88,838
Miscellaneous fees		18,069			21,708			57,686			64,409
TOTAL GROSS EXPENSES		411,225			400,487			896,221			1,228,617
Less Waiver and/or reimbursement (Note 4)		(19,472	)		(2,500,000	)		(3,079,128	)		(2,500,000	)
TOTAL NET EXPENSES		391,753			(2,099,513	)		(2,182,907	)		(1,271,383	)
NET INVESTMENT INCOME/(LOSS)		(355,961	)		1,865,387			2,280,700			1,360,195
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gains (losses) from security transactions on:
Affiliated/controlled		(11,686,668	)		(1	)		(11,686,668	)		(7,864,998	)
Foreign currency		—			—			—			16
Net realized gains (losses)		(11,686,668	)		(1	)		(11,686,668	)		(7,864,982	)
Net change in unrealized appreciation (depreciation) on:
Affiliated/controlled investments and foreign currency		12,733,580			(11,525,341	)		9,689,744			(22,473,661	)
Affiliated/controlled warrants investments (1)		(164,724	)		(758,405	)		—			(950,447	)
Net change in unrealized appreciation (depreciation)		12,568,856			(12,283,746	)		9,689,744			(23,424,108	)
Net Realized and Unrealized Gain (Loss) on Investments		882,188			(12,283,747	)		(1,996,924	)		(31,289,090	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	526,227		$	(10,418,360	)	$	283,776		$	(29,928,895	)
Net Increase (Decrease) In Net Assets Per Share Resulting From Operations (2)	$	0.08		$	(1.51	)	$	0.04		$	(4.34	)

(1) Primary exposure is equity risk.

(2) Per share results are calculated based on weighted average shares outstanding for each period.

See accompanying notes to financial statements

3

Firsthand Technology Value Fund, Inc.

Consolidated Statements of Cash Flows (Unaudited)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in Net Assets resulting from operations	$	526,227		$	(10,418,360	)	$	283,776		$	(29,928,895	)
Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities
Purchases of investments		(2,441	)		(40,000	)		(2,441	)		(140,000	)
Proceeds from disposition of investments		6,112,667			—			6,232,667			498,425
Net purchases/sales from short-term investments		(982,512	)		261,419			(924,531	)		366,692
Increase (decrease) in dividends, interest, and reclaims receivable		(5,701	)		271,564			(7,310	)		6,668
Increase (decrease) in due to Custodian		148,804			—			158,804			—
Increase (decrease) in receivable in investment sold		(325,000	)		—			(325,000	)		—
Increase (decrease) in payable to affiliates		(4,161,172	)		(2,396,761	)		(7,128,937	)		(1,998,318	)
Increase (decrease) in other assets		(427,135	)		26,513			(375,736	)		43,376
Increase (decrease) in accrued expenses and other payables		(1,450	)		11,711			91,825			(137,833	)
Net realized gain (loss) from investments		11,686,668			(13	)		11,686,668			7,864,982
Net unrealized appreciation (depreciation) from investments		(12,568,856	)		12,283,833			(9,689,744	)		23,424,108	)
Net cash provided by (used in) operating activities		99