XML 26 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Portfolio
As of December 31, 2019 and December 31, 2018, the Company’s investment portfolio is summarized as follows:
 
As of December 31, 2019
Asset Category
Cost
 
Fair Value
 
Fair Value
Percentage of
Investment
Portfolio
 
Fair Value
Percentage of
Net Assets
Senior debt
 
 
 
 
 
 
 
Senior secured debt - first lien
$
17,700,000

 
$
17,700,000

 
12.3
%
 
10.1
%
Senior secured debt - second lien
30,467,603

 
30,467,603

 
21.1

 
17.5

Total senior debt
48,167,603

 
48,167,603

 
33.4

 
27.6

Equity
85,106,736

 
96,027,397

 
66.6

 
55.1

Total investments
$
133,274,339

 
$
144,195,000

 
100.0
%
 
82.7
%

 
As of December 31, 2018
Asset Category
Cost
 
Fair Value
 
Fair Value
Percentage of
Investment
Portfolio
 
Fair Value
Percentage of
Net Assets
Senior debt
 
 
 
 
 
 
 
Senior secured debt - first lien
$
15,700,000

 
$
15,700,000

 
19.0
%
 
15.2
%
Senior secured debt - second lien
15,000,000

 
15,000,000

 
18.2

 
14.6

Total senior debt
30,700,000

 
30,700,000

 
37.2

 
29.8

Equity
46,074,339

 
51,800,000

 
62.8

 
50.4

Total investments
$
76,774,339

 
$
82,500,000

 
100.0
%
 
80.2
%
Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments
The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of December 31, 2019 and December 31, 2018 were as follows:
Industry
December 31, 2019
 
December 31, 2018
Commercial and Professional Services
39.2
%
 
62.1
%
Hobby Goods and Supplies
21.7

 
37.9

Information Services and Advisory Solutions
32.2

 
—

Manufacturing
6.9

 
—

Total
100.0
%
 
100.0
%
Geographic Dispersion(1)
December 31, 2019
 
December 31, 2018
United States
100.0
%
 
100.0
%
Total
100.0
%
 
100.0
%
 FOOTNOTE:
(1) 
The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer.
Summary of Operating and Balance Sheet Data
The following tables present audited summarized operating data for the Company’s portfolio companies which met at least one of the significance tests under Rule 8-03(b) of Regulation S-X for the year ended December 31, 2019, and the period from February 7, 2018 (commencement of operations) through December 31, 2018, and summarized balance sheet data as of December 31, 2019 and December 31, 2018, as applicable:
Lawn Doctor
Summarized Operating Data
 
Year Ended December 31, 2019
 
For the Period from February 7, 2018 (1) to December 31, 2018
Revenues
$
24,951,481

 
$
15,873,639

Expenses
(25,754,966
)
 
(15,637,114
)
(Loss) income before taxes
(803,485
)
 
236,525

Income tax benefit (expense)
142,104

 
(16,913
)
Consolidated net (loss) income
(661,381
)
 
219,612

Net loss attributable to non-controlling interest
232,270

 
70,952

Net (loss) income attributable to Lawn Doctor
$
(429,111
)
 
$
290,564

Summarized Balance Sheet Data
 
As of December 31, 2019
 
As of December 31, 2018
Current assets
$
5,679,790

 
$
6,347,092

Non-current assets
96,327,351

 
94,024,715

Current liabilities
5,208,665

 
4,342,064

Non-current liabilities
52,854,284

 
50,312,347

Non-controlling interest
(179,125
)
 
(40,952
)
Stockholders’ equity
44,123,317

 
45,758,348

Polyform
Summarized Operating Data
 
Year Ended December 31, 2019
 
For the Period from February 7, 2018 (1) to December 31, 2018
Revenues
$
16,517,512

 
$
13,953,762

Expenses
(17,016,753
)
 
(15,051,795
)
Loss before income taxes
(499,241
)
 
(1,098,033
)
Income tax benefit
140,000

 
159,000

Net loss
$
(359,241
)
 
$
(939,033
)
Summarized Balance Sheet Data
 
As of December 31, 2019
 
As of December 31, 2018
Current assets
$
5,917,238

 
$
5,481,783

Non-current assets
31,474,762

 
29,977,677

Current liabilities
1,484,148

 
963,823

Non-current liabilities
21,123,045

 
18,530,624

Stockholders’ equity
14,784,807

 
15,965,013

Roundtables
Summarized Operating Data
 
For the Period from August 1, 2019 (2) to December 31, 2019
Revenues
$
3,929,101

Expenses
(5,269,538
)
Loss before income taxes
(1,340,437
)
Income tax benefit
335,795

Net loss
$
(1,004,642
)
Summarized Balance Sheet Data
 
As of December 31, 2019
Current assets
$
2,495,539

Non-current assets
61,232,699

Current liabilities
3,686,652

Non-current liabilities
20,946,228

Stockholders’ equity
39,095,358

 FOOTNOTES:
(1)
February 7, 2018 is the date the Company acquired Lawn Doctor and Polyform.
(2) 
August 1, 2019 is the date the Company acquired Roundtables.