INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION |
SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION
| | |
Year Ended December 31, 2025 | |
| Reconciling Item | |
Amount | | |
Percentage | |
| U.S. federal statutory income tax at 21% | |
$ | 10,249,751 | | |
| 21.00 | % |
| Dividends-paid deduction / RIC qualification | |
| (10,249,751 | ) | |
| (21.00 | )% |
| State and local income taxes, net of federal benefit | |
| 4,989 | | |
| 0.01 | % |
| Blocker corporation income taxes (refund) | |
| (201,443 | ) | |
| (0.41 | )% |
| Nondeductible expenses and other, net | |
| — | | |
| — | % |
| Effective income tax expense | |
$ | (196,454 | ) | |
| (0.40 | )% |
|
| SCHEDULE OF FEDERAL INCOME TAX |
Cash
paid for income taxes represents amounts paid by the Company’s taxable subsidiaries, as the Company’s RIC income is generally
not subject to U.S. federal income tax. In accordance with ASU 2023-09, cash income taxes paid are disaggregated by jurisdiction for
the years presented below.
SCHEDULE
OF FEDERAL INCOME TAX
| | |
Year Ended December 31, 2025 | |
| | |
Amount | |
| Federal | |
$ | — | |
| Federal - Blocker Corporation | |
| (201,443 | ) |
| State | |
| 4,989 | |
| Total Cash Taxes Paid | |
$ | (196,454 | ) |
|
| SCHEDULE OF AGGREGATE INCOME TAX |
The
following states individually make up greater than 5% and in the aggregate greater than 50% of the Company’s state taxes paid:
SCHEDULE
OF AGGREGATE INCOME TAX
| | |
Year Ended December 31, 2025 | |
| | |
Amount | |
| California | |
$ | 4,800 | |
| Total Cash Taxes Paid | |
$ | 4,800 | |
|
| SCHEDULE OF PROVISION FOR INCOME TAXES |
In
accordance with ASU 2023-09, the following table presents income tax expense (benefit) by domestic federal, domestic state, and foreign
sources.
SCHEDULE
OF PROVISION FOR INCOME TAXES
| | |
Year Ended December 31, 2025 | |
| | |
Amount | |
| Federal | |
$ | — | |
| Federal - Blocker Corporation | |
| (201,443 | ) |
| State | |
| 4,989 | |
| Total Income Tax Expense from Continuing Operations | |
$ | (196,454 | ) |
|
| SCHEDULE OF RECLASSIFICATION OF BOOK/TAX DIFFERENCES |
SCHEDULE OF
RECLASSIFICATION OF BOOK/TAX DIFFERENCES
| | |
2025 | | |
2024 | |
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Capital in excess of par value | |
$ | (20,177,179 | ) | |
$ | (14,096,863 | ) |
| Accumulated undistributed net investment loss | |
| 16,842,904 | | |
| 13,953,206 | |
| Accumulated net realized gains from investments | |
| 3,334,275 | | |
| 143,657 | |
|
| SCHEDULE OF TAX CHARACTER OF DISTRIBUTIONS |
SCHEDULE OF TAX
CHARACTER OF DISTRIBUTIONS
| | |
2025 | | |
2024 | | |
2023 | |
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Ordinary income | |
$ | — | | |
$ | — | | |
$ | — | |
| Long-term capital gain | |
| 12,253,448 | | |
| — | | |
| — | |
| Return of capital | |
| — | | |
| — | | |
| — | |
| Distributions on a tax basis | |
| — | | |
| — | | |
| — | |
|
| SCHEDULE OF COMPONENTS OF DISTRIBUTED EARNINGS ON A TAX BASIS |
SCHEDULE OF COMPONENTS
OF DISTRIBUTED EARNINGS ON A TAX BASIS
| | |
2025 | | |
2024 | |
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Undistributed ordinary loss | |
$ | — | | |
$ | — | |
| Accumulated net realized gains/(losses) on investments | |
| 262,211 | | |
| (21,758,298 | ) |
| Unrealized appreciation/(depreciation) on investments | |
| (8,702,422 | ) | |
| (43,182,874 | ) |
| Components of distributable earnings at year-end | |
$ | (8,440,211 | ) | |
$ | (64,941,172 | ) |
|