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Firsthand Technology Value Fund, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in the fair value of the investment portfolio to approximately $1.4 million from $8.7 million as of December 31, 2023. This decrease is attributed to the sale of investments and changes in portfolio valuations.
Operating expenses for the quarter were approximately $391,753, compared to $(2,099,513) in the same quarter of the previous year. The previous year's expenses included a significant management fee waiver.
The company reported a net investment loss of $(355,961) for the quarter, compared to a net investment income of $1,865,387 in the previous year. The change is primarily due to the waiver of management fees in the prior year.
Net realized losses for the quarter were $11,686,668, while net unrealized appreciation was $12,568,856, resulting in net realized and unrealized gains of $882,188.
Cash and cash equivalents at the end of the period were $2,806, reflecting minimal net cash provided by operating activities.
The filing details the company's focus on investing in technology and cleantech companies, with a significant portion of the portfolio in private companies.
Firsthand Technology Value Fund does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to evaluate its portfolio and investment strategy, with a focus on managing its existing investments.
Firsthand Technology Value Fund acknowledges the risks associated with investing in small, privately-held companies and the inherent volatility in their valuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Firsthand Technology Value Fund Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.