Portfolio

Diversified Portfolio of Small, High Growth Companies

We are a Business Development Company (BDC) that makes venture capital investments in promising companies with an emerging product, service or technology concept. Our diverse portfolio reflects our strategy:

Investments by Industry Classification

Featured Portfolio Companies

ACV Auctions, Inc.

ACV Auctions, Inc.

Live mobile auctions for new and used cars.

Investment Type:

118,116 Series A preferred shares.

Total Fair Value: $282,356

Date Acquired: 08/12/16

Total Equity: 1%

Total Cost: $163,000

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Advantage 24/7 LLC

Advantage 24/7 LLC

Marketing program for wine and spirits dealers.

Investment Type:

53% Membership interest.

Total Fair Value: $99,500

Date Acquired: 12/30/10

Total Equity: 53%

Total Cost: $99,500

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Athenex, Inc.

Athenex, Inc.

Specialty pharmaceutical and drug development.

Investment Type:

46,296 restricted common shares valued at $13.26 per share.

Total Fair Value: $614,000

Date Acquired: 09/08/14

Total Equity: <1%

Total Cost: $143,285

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Carolina Skiff LLC

Carolina Skiff LLC

Manufacturer of fresh water, ocean fishing and pleasure boats.

Investment Type:

6.0825% Class A common membership interest.

Total Fair Value: $1,100,000

Date Acquired: 01/30/04

Total Equity: 7%

Total Cost: $15,000

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ClearView Social, Inc.

ClearView Social, Inc.

Social media publishing tool for law, CPA and professional firms.

Investment Type:

312,500 Series seed plus preferred shares.

Total Fair Value: $200,000

Date Acquired: 01/04/16

Total Equity: 6%

Total Cost: $200,000

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eHealth Global Technologies, Inc.

eHealth Global Technologies, Inc.

eHealth Connect® improves health care delivery through intelligently aggregated clinical record and images for patient referrals.

Investment Type:

$1,500,000 term note at 10% due September 2, 2019.

$2,000,000 term note at 10% due September 28, 2019.

Total Fair Value: $3,500,000

Date Acquired: 06/28/16

Total Cost: $3,500,000

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Empire Genomics, LLC

Empire Genomics, LLC

Molecular diagnostics company that offers a comprehensive menu of assay services for diagnosing and guiding patient therapeutic treatments.

Investment Type:

$900,000 senior secured convertible term notes at 10% due April 30, 2018.

$250,000 promissory note at 12% due December 31, 2019.

Interest receivable $247,715.

Total Fair Value: $1,150,000

Date Acquired: 06/13/14

Total Cost: $1,150,000

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First Wave Products Group, LLC

First Wave Products Group, LLC

Sells First Crush automated pill crusher that crushes and grinds medical pills for nursing homes and medical institutions.

Investment Type:

$500,000 senior term notes at 10% due July 31, 2017.

$280,000 junior term notes at 10% due July 31, 2017.

Warrant for 41,619 capital securities.

Total Fair Value: $250,000

Date Acquired: 04/19/12

Total Equity: 7%

Total Cost: $1,000,032

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Genicon, Inc.

Genicon, Inc.

Designs, produces and distributes patented surgical instrumentation.

Investment Type:

$1,586,902 Series B preferred shares.

$2,000,000 promissory note at 8% due May 1, 2020.

Warrant for 250,000 common shares.

$1,000,000 promissory note at 8% due May 1, 2020.

Warrant for 125,000 common shares.

Total Fair Value: $4,003,397

Date Acquired: 04/10/15

Total Equity: 6%

Total Cost: $4,003,397

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GiveGab, Inc.

GiveGab, Inc.

Online fundraising, day of giving supporter engagement software for nonprofit organizations.

Investment Type:

5,084,329 Series Seed preferred shares.

Total Fair Value: $424,314

Date Acquired: 03/13/13

Total Equity: 7%

Total Cost: $616,221

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GoNoodle, Inc.

GoNoodle, Inc.

Student engagement education software providing core aligned physical activity breaks.

Investment Type:

$1,000,000 secured note at 12% due January 31, 2020, (1% Payment in Kind (PIK)).

Warrant for 47,324 Series C Preferred shares.

Total Fair Value: $1,024,228

Date Acquired: 02/06/15

Total Equity: <1%

Total Cost: $1,024,228

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Grainful - BeetNPath, LLC

Grainful - BeetNPath, LLC

Frozen entrées and packaged dry side dishes made from 100% whole grain steel cut oats under Grainful brand name.

Investment Type:

$1,119,024 Series A-2 Preferred Membership Units.

1,032,918 Series B Preferred Membership Units.

Total Fair Value: $650,000

Date Acquired: 10/20/14

Total Equity: 9%

Total Cost: $620,277

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G-TEC Natural Gas Systems

G-TEC Natural Gas Systems

Manufactures and distributes systems that allow natural gas to be used as an alternative fuel to gases.

Investment Type:

16.930% Class A membership interest.

8% cumulative dividend.

Total Fair Value: $100,000

Date Acquired: 08/31/99

Total Equity: 18%

Total Cost: $400,000

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Intrinsiq Materials, Inc.

Intrinsiq Materials, Inc.

Produces printable electronics utilizing a unique process of nanomaterial based ink in a room-temperature environment.

Investment Type:

4,161,747 Series A preferred shares.

Total Fair Value: $780,000

Date Acquired: 09/19/13

Total Equity: 12%

Total Cost: $1,125,673

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Knoa Software, Inc.

Knoa Software, Inc.

End user experience management and performance (EMP) solutions utilizing enterprise applications.

Investment Type:

973,533 Series A-1 convertible preferred shares.

1,876,922 Series B preferred shares.

$48,466 convertible promissory note at 8% due May 9, 2018.

Total Fair Value: $497,921

Date Acquired: 11/20/12

Total Equity: 7%

Total Cost: $1,277,621

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KnowledgeVision Systems, Inc.

KnowledgeVision Systems, Inc.

Online presentation and training software.

Investment Type:

200,000 Series A-1 preferred shares.

214,285 Series A-2 preferred shares.

129,033 Series A-3 preferred shares.

Warrant for $46,743 Series A-3 shares.

$50,000 subordinated promissory note at 8% due August 31, 2017.

Total Fair Value: $550,001

Date Acquired: 11/13/13

Total Equity: 7%

Total Cost: $800,001

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City Dining Cards, Inc

City Dining Cards, Inc

Customer loyalty technology company that helps businesses attract and retain customers.

Investment Type:

9,525.25 Series B preferred shares.

Total Fair Value: $0

Date Acquired: 09/01/15

Total Equity: 4%

Total Cost: $500,000

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Mercantile Adjustment Bureau, LLC

Mercantile Adjustment Bureau, LLC

Full service accounts receivable management and collections company.

Investment Type:

$1,199,039 subordinated secured note at 13% (3% for the calendar year 2017) due January 31, 2018.

$150,000 subordinated debenture at 8% due June 30, 2018.

Warrant for 3.29% membership interests. Option for 1.5% membership interests.

Total Fair Value: $945,688

Date Acquired: 10/22/12

Total Equity: 4%

Total Cost: $1,443,313

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Mezmeriz, Inc.

Mezmeriz, Inc.

Micro-electronic mechanical systems (MEMS) developer of carbon fiber MEMS that mirror modules for gesture recognition and 3D scanning.

Investment Type:

1,554,565 Series Seed preferred shares.

Total Fair Value: $351,477

Date Acquired: 01/09/08

Total Equity: 14%

Total Cost: $742,850

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Microcision LLC

Microcision LLC

Manufacturer of precision machined medical implants, components and assemblies.

Investment Type:

$1,500,000 subordinated promissory note at 12% (1% PIK) due December 31, 2024.

15% Class A common membership interest.

Total Fair Value: $1,904,605

Date Acquired: 09/24/09

Total Equity: 15%

Total Cost: $1,904,605

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New Monarch Machine Tool, Inc.

New Monarch Machine Tool, Inc.

Manufactures and services vertical/horizontal machining centers.

Investment Type:

22.84 common shares.

Total Fair Value: $22,841

Date Acquired: 09/24/03

Total Equity: 15%

Total Cost: $22,841

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OnCore Golf Technology, Inc.

OnCore Golf Technology, Inc.

Maker of patented hollow-metal core golf balls.

Investment Type:

150,000 Series AA preferred shares.

$300,000 subordinated convertible promissory notes at 6% due January 24, 2018.

Total Fair Value: $300,000

Date Acquired: 12/31/14

Total Equity: 7%

Total Cost: $675,000

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Outmatch Holdings, LLC

Outmatch Holdings, LLC

Web based predictive employee selection and reference checking.

Investment Type:

2,542,167 Class P1 Units.

109,788 Class C1 Units.

Total Fair Value: $2,145,496

Date Acquired: 11/18/10

Total Equity: 4%

Total Cost: $2,145,496

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PostProcess Technologies LLC

PostProcess Technologies LLC

Provides innovative solutions for the post-processing of additive manufactured parts.

Investment Type:

$300,000 convertible promissory note at 5% due July 28, 2018.

Total Fair Value: $300,000

Date Acquired: 07/25/16

Total Cost: $300,000

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Rheonix, Inc.

Rheonix, Inc.

Developer of fully automated microfluidic based molecular assay and diagnostic testing devices.

Investment Type:

9,676 common shares.

1,839,422 Series A preferred shares.

50,593 common shares.

589,420 Series B preferred shares.

Total Fair Value: $2,938,731

Date Acquired: 10/29/09

Total Equity: 4%

Total Cost: $2,802,731

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SciAps, Inc.

SciAps, Inc.

Instrumentation company producing portable analytical devices using XRF, LIBS and RAMAN spectroscopy to identify compounds, minerals, and elements.

Investment Type:

187,500 Series A convertible preferred shares.

274,299 Series A-1 convertible preferred shares.

117,371 Series B convertible preferred shares.

113,636 Series C preferred shares.

369,698 Series C-1 preferred shares.

Total Fair Value: $2,028,924

Date Acquired: 07/12/13

Total Equity: 9%

Total Cost: $2,828,984

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SocialFlow, Inc.

SocialFlow, Inc.

Provides instant analysis of social networks using a proprietary, predictive analytic algorithm to optimize advertising and publishing.

Investment Type:

1,049,538 Series B preferred shares.

1,204,819 Series B-1 preferred shares.

717,772 Series C preferred shares.

Total Fair Value: $2,071,300

Date Acquired: 04/05/13

Total Equity: 4%

Total Cost: $1,750,000

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Somerset Gas Transmission Company, LLC

Somerset Gas Transmission Company, LLC

Natural gas transportation company.

Investment Type:

26.5337 units.

Total Fair Value: $500,000

Date Acquired: 07/10/02

Total Equity: 3%

Total Cost: $719,097

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SOMS Technologies, LLC

SOMS Technologies, LLC

Produces and markets the microGreen Extended Performance Oil Filter.

Investment Type:

5,959,490 Series B membership interests.

Total Fair Value: $528,348

Date Acquired: 12/02/08

Total Equity: 9%

Total Cost: $472,632

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Teleservices Solutions Holdings, LLC

Teleservices Solutions Holdings, LLC

Customer contact center specializing in customer acquisition and retention for selected industries

Investment Type:

250,000 Class B preferred units.

1,000,000 Class C preferred units.

80,000 Class D preferred units.

104,198 Class E preferred units.

PIK dividend for Series C and D at 12% and 14%, respectively.

Total Fair Value: $0

Date Acquired: 05/30/14

Total Equity: 6%

Total Cost: $1,636,078

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Tilson Technology Management, Inc.

Tilson Technology Management, Inc.

Cellular, fiber optic and wireless information systems, construction, and management.

Investment Type:

120,000 Series B preferred shares.

21,391 Series C convertible preferred shares.

$200,000 subordinated promissory note at 8% due September 28, 2021.

Total Fair Value: $1,000,000

Date Acquired: 01/20/15

Total Equity: 8%

Total Cost: $1,000,000

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Investing in Small- to Medium-Sized Companies

We target small- to medium-sized companies with new or unique products or services, with a sustainable competitive advantage. Over the long-term, we focus on equity investments that will provide capital gains and appreciation to drive increasing net asset value (NAV). We balance that with approximately 30%-40% of debt investments, which provide near-term cash flow interest and investment income.

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Valuation Policy

Investments are valued in accordance with our established valuation policy and are stated at fair value as determined in good faith by management and approved by our Board of Directors.

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Investment Successes

We have a sound track record of strong returns on our investments that supports a solid reputation among investment partners.

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