Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

As of March 31, 2020 and December 31, 2019, the Company’s investment portfolio is summarized as follows:



	As of March 31, 2020
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	10.8	%	9.1	%
Senior secured debt - second lien	35,942,454		35,942,454		22.0		18.5
Total senior debt	53,642,454		53,642,454		32.8		27.6
Equity	102,131,885		109,658,884		67.2		56.3
Total investments	$	155,774,339	$	163,301,338	100.0	%	83.9	%



	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	%

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 March 31, 2020 and December 31, 2019 were as follows:



Industry	March 31, 2020		December 31, 2019
Commercial and Professional Services	34.0	%	39.2	%
Information Services and Advisory Solutions	27.6		32.2
Hobby Goods and Supplies	18.6		21.7
Business Services	13.7		—
Manufacturing	6.1		6.9
Total	100.0	%	100.0	%



Geographic Dispersion⁽¹⁾	March 31, 2020		December 31, 2019
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 unaudited 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 three months ended March 31, 2020 and 2019, and summarized balance sheet data as of March 31, 2020 (unaudited) and December 31, 2019, as applicable:

Lawn Doctor, Inc. (“Lawn Doctor”)

As of March 31, 2020 and December 31, 2019, the Company owned approximately 62% of the outstanding equity in Lawn Doctor on an undiluted basis.

Summarized Operating Data (Unaudited)



	Three Months Ended March 31,
	2020			2019
Revenues	$	6,723,173		$	6,451,501
Expenses	(7,082,077		)	(6,690,735		)
Loss before taxes	(358,904		)	(239,234		)
Income tax benefit	111,500			63,588
Consolidated net loss	(247,404		)	(175,646		)
Net loss attributable to non-controlling interest	71,310			36,635
Net loss attributable to Lawn Doctor	$	(176,094	)	$	(139,011	)

Summarized Balance Sheet Data



	March 31, 2020 (Unaudited)			December 31, 2019
Current assets	$	10,176,387		$	5,679,790
Non-current assets	94,167,915			96,327,351
Current liabilities	4,943,885			5,208,665
Non-current liabilities	56,006,676			52,854,284
Non-controlling interest	(250,435		)	(179,125		)
Stockholders’ equity	43,644,176			44,123,317

Polyform Products, Co. (“Polyform”)

As of March 31, 2020 and December 31, 2019, the Company owned approximately 87% of the outstanding equity in Polyform on an undiluted basis.

Summarized Operating Data (Unaudited)



	Three Months Ended March 31,
	2020			2019
Revenues	$	4,075,089		$	4,405,864
Expenses	(4,207,185		)	(4,397,038		)
(Loss) income before income taxes	(132,096		)	8,826
Income tax benefit (expense)	37,000			(3,000		)
Net (loss) income	$	(95,096	)	$	5,826

Summarized Balance Sheet Data



	March 31, 2020 (Unaudited)		December 31, 2019
Current assets	$	7,318,843	$	5,917,238
Non-current assets	31,120,055		31,474,762
Current liabilities	2,676,525		1,484,148
Non-current liabilities	21,040,935		21,123,045
Stockholders’ equity	14,721,438		14,784,807

Auriemma U.S. Roundtables (“Roundtables”)

As of March 31, 2020 and December 31, 2019, the Company owned approximately 81% of the outstanding equity in Roundtables on an undiluted basis.

Summarized Operating Data (Unaudited) ⁽¹⁾



	Three Months Ended March 31, 2020
Revenues	$	2,691,899
Expenses	(3,386,663		)
Loss before income taxes	(694,764		)
Income tax benefit	176,758
Net loss	$	(518,006	)

Summarized Balance Sheet Data



	March 31, 2020 (Unaudited)		December 31, 2019
Current assets	$	8,912,619	$	2,495,539
Non-current assets	60,733,542		61,232,699
Current liabilities	10,299,339		3,686,652
Non-current liabilities	20,769,470		20,946,228
Stockholders’ equity	38,577,352		39,095,358

FOOTNOTE:


⁽¹⁾	The Company acquired Roundtables on August 1, 2019.