Price Graph
Price
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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| New York | 16-0961359 | |
| (State or Other Jurisdiction of Incorporation or organization) | (IRS Employer Identification No.) | |
| 2200 Rand Building, Buffalo, NY | 14203 | |
| (Address of Principal executive offices) | (Zip Code) |
| Large accelerated filer o | Accelerated filer o |
Non-accelerated filer
þ
(Do not check if a smaller reporting company) |
Smaller Reporting Company o |
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| Exhibit 31.1 | ||||||||
| Exhibit 31.2 | ||||||||
| Exhibit 32.1 | ||||||||
| Exhibit 32.2 | ||||||||
2
| June 30, 2010 | December 31, | |||||||
| (Unaudited) | 2009 | |||||||
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ASSETS
|
||||||||
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Investments at fair value (identified cost: 6/30/10 —
$17,600,827; 12/31/09 — $14,767,920)
|
$ | 26,385,893 | $ | 24,296,145 | ||||
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Cash and cash equivalents
|
5,852,822 | 9,417,236 | ||||||
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Interest receivable (net of allowance — $209,089)
|
1,137,547 | 1,192,118 | ||||||
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Income taxes receivable
|
72,405 | — | ||||||
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Other assets
|
763,535 | 725,872 | ||||||
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Total assets
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$ | 34,212,202 | $ | 35,631,371 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY (NET ASSETS)
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Liabilities:
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||||||||
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Debentures guaranteed by the SBA
|
$ | 10,000,000 | $ | 9,100,000 | ||||
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Deferred tax liability
|
1,557,276 | 1,809,000 | ||||||
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Income taxes payable
|
— | 1,082,646 | ||||||
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Accounts payable and accrued expenses
|
270,267 | 431,233 | ||||||
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Deferred revenue
|
1,783 | 2,611 | ||||||
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||||||||
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Total liabilities
|
11,829,326 | 12,425,490 | ||||||
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||||||||
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Stockholders’ equity (net assets):
|
||||||||
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Common stock, $.10 par; shares authorized 10,000,000; shares issued 6,863,034
|
686,304 | 686,304 | ||||||
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Capital in excess of par value
|
10,581,789 | 10,581,789 | ||||||
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Accumulated net investment (loss)
|
(5,271,365 | ) | (4,961,725 | ) | ||||
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Undistributed net realized gain on investments
|
10,897,390 | 10,897,390 | ||||||
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Net unrealized appreciation on investments
|
5,535,964 | 6,049,329 | ||||||
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Treasury stock, at cost, 44,100 shares
|
(47,206 | ) | (47,206 | ) | ||||
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||||||||
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Net assets
(per share 6/30/10 — $3.28, 12/31/09 — $3.40)
|
22,382,876 | 23,205,881 | ||||||
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||||||||
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||||||||
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Total liabilities and stockholders’ equity (net assets)
|
$ | 34,212,202 | $ | 35,631,371 | ||||
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3
| Three months | Three months | Six months | Six months | |||||||||||||
| ended | ended | ended | ended | |||||||||||||
| June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | |||||||||||||
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Investment income:
|
||||||||||||||||
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Interest from portfolio companies
|
$ | 167,509 | $ | 152,007 | $ | 334,006 | $ | 287,523 | ||||||||
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Interest from other investments
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4,005 | 3,160 | 9,189 | 12,294 | ||||||||||||
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Dividend and other investment income
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22,389 | 159,745 | 36,291 | 384,271 | ||||||||||||
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Other income
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4,525 | 6,083 | 7,328 | 15,166 | ||||||||||||
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198,428 | 320,995 | 386,814 | 699,254 | ||||||||||||
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Operating expenses:
|
||||||||||||||||
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Salaries
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115,050 | 111,843 | 230,100 | 223,765 | ||||||||||||
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Employee benefits
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25,995 | 29,919 | 84,137 | 66,095 | ||||||||||||
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Directors’ fees
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46,795 | 44,000 | 57,750 | 54,500 | ||||||||||||
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Professional fees
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32,268 | 67,798 | 90,691 | 139,019 | ||||||||||||
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Stockholders and office operating
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45,901 | 51,491 | 71,924 | 85,896 | ||||||||||||
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Insurance
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9,655 | 10,550 | 19,820 | 25,428 | ||||||||||||
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Corporate development
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14,537 | 14,841 | 23,767 | 24,375 | ||||||||||||
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Other operating
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5,232 | 2,276 | 8,028 | 4,729 | ||||||||||||
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295,433 | 332,718 | 586,217 | 623,807 | ||||||||||||
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Interest on SBA obligations
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147,560 | 125,065 | 284,004 | 243,424 | ||||||||||||
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Bad debt recovery
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(5,983 | ) | (10,977 | ) | (5,983 | ) | (10,977 | ) | ||||||||
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Total expenses
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437,010 | 446,806 | 864,238 | 856,254 | ||||||||||||
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Investment (loss) before income taxes
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(238,582 | ) | (125,811 | ) | (477,424 | ) | (157,000 | ) | ||||||||
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Current income tax (benefit) expense
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(145,856 | ) | 34,012 | (145,856 | ) | 136,062 | ||||||||||
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Deferred income tax expense (benefit)
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57,525 | (80,034 | ) | (21,928 | ) | (192,034 | ) | |||||||||
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Net investment (loss)
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(150,251 | ) | (79,789 | ) | (309,640 | ) | (101,028 | ) | ||||||||
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Realized and unrealized gain (loss) on investments:
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Realized loss on sales and dispositions
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— | (31,271 | ) | — | (31,271 | ) | ||||||||||
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Income tax( benefit)
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— | (11,149 | ) | — | (11,149 | ) | ||||||||||
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Net realized loss on investments
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— | (20,122 | ) | — | (20,122 | ) | ||||||||||
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Unrealized appreciation on investments:
|
||||||||||||||||
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Beginning of period
|
8,728,226 | 13,739,831 | 9,528,226 | 13,739,831 | ||||||||||||
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End of period
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8,785,064 | 12,859,507 | 8,785,064 | 12,859,507 | ||||||||||||
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Change in unrealized appreciation before
income taxes
|
56,838 | (880,324 | ) | (743,162 | ) | (880,324 | ) | |||||||||
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Deferred income tax expense (benefit)
|
50,327 | (322,817 | ) | (229,797 | ) | (322,817 | ) | |||||||||
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||||||||||||||||
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Net increase (decrease) in unrealized appreciation
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6,511 | (557,507 | ) | (513,365 | ) | (557,507 | ) | |||||||||
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Net realized and unrealized gain (loss) on investments
|
6,511 | (577,629 | ) | (513,365 | ) | (577,629 | ) | |||||||||
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|
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Net decrease in net assets from operations
|
$ | (143,740 | ) | $ | (657,418 | ) | $ | (823,005 | ) | $ | (678,657 | ) | ||||
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Weighted average shares outstanding
|
6,818,934 | 5,718,934 | 6,818,934 | 5,718,934 | ||||||||||||
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|
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Basic and diluted net decrease in net assets from
operations per share
|
$ | (0.02 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||||
4
| June 30, 2010 | June 30, 2009 | |||||||
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Cash flows from operating activities:
|
||||||||
|
Net decrease in net assets from operations
|
$ | (823,005 | ) | $ | (678,657 | ) | ||
|
Adjustments to reconcile net decrease in net
assets to net cash used in operating activities:
|
||||||||
|
Depreciation and amortization
|
20,745 | 17,891 | ||||||
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Change in interest receivable allowance
|
— | 36,245 | ||||||
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Decrease in unrealized appreciation of
investments
|
743,162 | 880,324 | ||||||
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Deferred tax benefit
|
(251,724 | ) | (526,000 | ) | ||||
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Net realized loss on portfolio investments
|
— | 31,271 | ||||||
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Non-cash conversion of debenture interest
|
(324,553 | ) | (42,349 | ) | ||||
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Changes in operating assets and liabilities:
|
||||||||
|
Decrease (increase) in interest receivable
|
54,571 | (197,950 | ) | |||||
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(Increase) decrease in other assets
|
(35,737 | ) | 101,575 | |||||
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Increase in income taxes receivable
|
(72,405 | ) | (85,521 | ) | ||||
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Decrease in income taxes payable
|
(1,082,646 | ) | (98,723 | ) | ||||
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Decrease in accounts payable and accrued
expenses
|
(160,966 | ) | (13,394 | ) | ||||
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Decrease in deferred revenue
|
(828 | ) | (15,182 | ) | ||||
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|
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Total adjustments
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(1,110,381 | ) | 88,187 | |||||
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|
||||||||
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Net cash used in operating activities
|
(1,933,386 | ) | (590,470 | ) | ||||
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|
||||||||
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Cash flows from investing activities:
|
||||||||
|
Investments originated
|
(2,580,000 | ) | (381,756 | ) | ||||
|
Proceeds from sale of portfolio investments
|
— | 57,479 | ||||||
|
Proceeds from loan repayments
|
71,643 | 33,038 | ||||||
|
Capital expenditures
|
(846 | ) | — | |||||
|
|
||||||||
|
Net cash used in investing activities
|
(2,509,203 | ) | (291,239 | ) | ||||
|
|
||||||||
|
Cash flows from financing activities:
|
||||||||
|
Proceeds from SBA debenture
|
900,000 | — | ||||||
|
Origination costs to SBA
|
(21,825 | ) | — | |||||
|
|
||||||||
|
Net cash provided by financing activities
|
878,175 | — | ||||||
|
|
||||||||
|
|
||||||||
|
Net decrease in cash and cash equivalents
|
(3,564,414 | ) | (881,709 | ) | ||||
|
Cash and cash equivalents:
|
||||||||
|
Beginning of period
|
9,417,236 | 2,757,653 | ||||||
|
|
||||||||
|
End of period
|
$ | 5,852,822 | $ | 1,875,944 | ||||
|
|
||||||||
5
| Three months | Three months | Six months | Six months | |||||||||||||
| ended | ended | ended | ended | |||||||||||||
| June 30, 2010 | June 30, 2009 | June 30, 2010 | June 30, 2009 | |||||||||||||
|
|
||||||||||||||||
|
Net assets at beginning of period
|
$ | 22,526,616 | $ | 20,205,727 | $ | 23,205,881 | $ | 20,226,966 | ||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
Net investment loss
|
(150,251 | ) | (68,640 | ) | (309,640 | ) | (89,879 | ) | ||||||||
|
Net realized loss on investments
|
— | (31,271 | ) | — | (31,271 | ) | ||||||||||
|
|
||||||||||||||||
|
Change in unrealized appreciation before
income taxes
|
56,838 | (880,324 | ) | (743,162 | ) | (880,324 | ) | |||||||||
|
Deferred income tax expense (benefit)
|
50,327 | (322,817 | ) | (229,797 | ) | (322,817 | ) | |||||||||
|
|
||||||||||||||||
|
Increase (decrease) in unrealized
appreciation
on investments (net of tax benefit)
|
6,511 | (557,507 | ) | (513,365 | ) | (557,507 | ) | |||||||||
|
|
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|
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Net decrease in net assets from operations
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(143,740 | ) | (657,418 | ) | (823,005 | ) | (678,657 | ) | ||||||||
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|
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Net assets at end of period
|
$ | 22,382,876 | $ | 19,548,309 | $ | 22,382,876 | $ | 19,548,309 | ||||||||
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6
| (b) | Per | |||||||||||||||||||||
| Company, Geographic Location, Business | Date | (c) | (d)(f) | Share | ||||||||||||||||||
| Description, (Industry) and Website | Type of Investment | Acquired | Equity | Cost | Value | of Rand | ||||||||||||||||
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Non-Control/Non-Affiliate
Investments: (k) |
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Mezmeriz, Inc. (g)
Ithaca, NY. Developer of micro mirror technology that replaces silicon with carbon fibers in micro-electronic mechanical systems (MEMS) enabling efficient, wide-angle, Pico projectors to be embedded in mobile devices. (Electronics Developer) www.mezmeriz.com |
141,334 Series A preferred shares. | 1/9/08 | 4 | % | $ | 121,509 | $ | 121,509 | $ | .02 | ||||||||||||
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Rheonix, Inc.
Ithaca, NY. Developer of microfluidic testing devices including channels, pumps, reaction vessels, & diagnostic chambers, for testing of small volumes of chemicals and biological fluids. (Manufacturing) www.rheonix.com |
9,676 common shares.
(g) 481,430 Series A preferred shares. 50,593 common shares. |
10/29/09 | 3 | % | 503,000 | 639,000 | .09 | |||||||||||||||
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Somerset Gas Transmission
Company, LLC (e) Columbus, OH. Natural gas transportation company. (Oil and Gas) www.somersetgas.com |
26.5337 units. | 7/10/02 | 2 | % | 719,097 | 786,748 | .12 | |||||||||||||||
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Synacor Inc. (g)
Buffalo, NY. Develops provisioning platforms for aggregation and delivery of content and services across multiple digital devices. (Software) www.synacor.com |
234,558 Series A preferred shares.
600,000 Series B preferred shares. 240,378 Series C preferred shares. 897,438 common shares. |
11/18/02 | 4 | % | 1,349,479 | 4,168,001 | .61 | |||||||||||||||
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Subtotal
Non-Control/Non-Affiliate
Investments
|
$ | 2,693,085 | $ | 5,715,258 | $ | .84 | ||||||||||||||||
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Affiliate Investments: (l)
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Carolina Skiff LLC (e)(g)
Waycross, GA. Manufacturer of fresh water, ocean fishing and pleasure boats. (Manufacturing) www.carolinaskiff.com |
$985,000 Class A preferred membership interest at 14%.
Redeemable December 23, 2012. $500,000 subordinated
promissory note at 14% due December 31, 2016. 6.6233% Class A common membership interest.
(j) Interest receivable $834,055. |
1/30/04 | 7 | % | $ | 1,518,861 | $ | 1,518,861 | $ | .22 | ||||||||||||
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EmergingMed.com, Inc. (e)(g)
New York, NY. Cancer clinical trial matching and referral service. (Software) www.emergingmed.com |
$675,045 senior subordinated note at 8% due January 19, 2013. Warrant for 8% of common stock. | 12/19/05 | 7 | % | 675,045 | 675,045 | .10 | |||||||||||||||
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GridApp Systems, Inc. (g)
New York, NY. Provider of database automation software that helps businesses gain control of their heterogeneous database applications through a centralized software console. (Software) www.gridapp.com |
1,309,375 Series A-1 preferred shares. 584,480 common shares. 8% cumulative dividend. | 11/25/08 | 14 | % | 1,577,708 | 1,281,773 | .19 | |||||||||||||||
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Innov-X Systems, Inc. (g)
Woburn, MA. Manufactures portable x-ray fluorescence (XRF) analyzers used in metals/alloy analysis. (Manufacturing) www.innovxsys.com |
(e)
$250,000 note at 11% due March 31, 2017. 2,642 Series A
preferred stock. 8% cumulative dividend. Warrants for 21,924 common shares.
(j) Interest receivable $260,277. |
9/27/04 | 9 | % | 1,250,000 | 5,600,000 | .82 | |||||||||||||||
7
| (b) | Per | |||||||||||||||||||||
| Company, Geographic Location, | Date | (c) | (d)(f) | Share | ||||||||||||||||||
| Business Description, (Industry) and Website | Type of Investment | Acquired | Equity | Cost | Value | of Rand | ||||||||||||||||
|
|
||||||||||||||||||||||
|
Microcision LLC (g)
Philadelphia, PA. Custom manufacturer of medical and dental implants. (Manufacturing). www.microcision.com |
$1,500,000 subordinated promissory note at 5%, 6% deferred interest (PIK) due December 31, 2013. 15% class A common membership interest. | 9/24/09 | 15 | % | 1,535,856 | 1,535,856 | .23 | |||||||||||||||
|
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Mid America Brick (g)
Mexico, MO. Manufacturer of face brick for residential and commercial construction. (Manufacturing). www.midamericabrick.com |
19,524 common membership units. | 6/1/10 | 19.5 | % | 800,000 | 800,000 | .12 | |||||||||||||||
|
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Niagara Dispensing Technologies, Inc.
Amherst, NY. Beverage dispensing technology development and products manufacturer, specializing in rapid pour beer dispensing systems for high volume stadium and concession operations. (Manufacturing) www.niagaradispensing.com |
202,081 Series B preferred stock.
(g) 463,691 Series A preferred stock. 518,752 Series B preferred stock. (e) $300,000 promissory note at 6%, 8% deferred interest (PIK) due July 30, 2011. $200,000 secured convertible note at 14% due February 19, 2012. Warrants for 190,561 class A common stock. Warrants for 110,672 series B preferred stock. |
3/8/06 | 14 | % | 1,814,947 | 1,235,995 | .18 | |||||||||||||||
|
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SOMS Technologies, LLC (g)
Valhalla, NY. Produces and markets the microGreen Extended Performance Oil Filter. (Auto Parts Developer) www.microgreenfilter.com |
4,808,224 Series B preferred stock. | 12/2/08 | 11.7 | % | 370,687 | 426,001 | .06 | |||||||||||||||
|
|
||||||||||||||||||||||
|
Ultra — Scan Corporation
Amherst, NY. Biometrics application developer of ultrasonic fingerprint technology. (Electronics Hardware/Software) www.ultra-scan.com |
536,596 common shares.
107,104 Series A-1 preferred shares. (g) 95,284 Series A-1 preferred shares. |
12/11/92 | 2.5 | % | 938,164 | 1,203,000 | .18 | |||||||||||||||
|
|
||||||||||||||||||||||
|
Subtotal Affiliate Investments
|
$ | 10,481,268 | $ | 14,276,531 | $ | 2.10 | ||||||||||||||||
|
|
||||||||||||||||||||||
|
Control Investments (m)
|
||||||||||||||||||||||
|
Gemcor II, LLC (e)(g)(h)
West Seneca, NY. Designs and sells automatic riveting machines used in the assembly of aircraft components. (Manufacturing) www.gemcor.com |
$500,000 subordinated promissory note at 15% due December 1, 2014. 25 membership units. Warrant to purchase 6.25 membership units. | 6/28/04 | 31 | % | $ | 952,238 | $ | 6,152,238 | $ | .90 | ||||||||||||
|
|
||||||||||||||||||||||
|
G-TEC Natural Gas Systems
Buffalo, NY. Manufactures and distributes systems that allow natural gas to be used as an alternative fuel to gases. (Manufacturing) www.gas-tec.com |
23.60% Class A membership interest. 8% cumulative dividend. | 8/31/99 | 21.6 | % | 400,000 | 100,000 | .01 | |||||||||||||||
|
|
||||||||||||||||||||||
|
Subtotal Control Investments
|
$ | 1,352,238 | $ | 6,252,238 | $ | .91 | ||||||||||||||||
|
|
||||||||||||||||||||||
|
Other Investments (a)(i)
|
Various | $ | 3,074,236 | $ | 141,866 | .02 | ||||||||||||||||
|
|
||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
|
Total portfolio investments | $ | 17,600,827 | $ | 26,385,893 | $ | 3.87 | |||||||||||||||
|
|
||||||||||||||||||||||
8
| Notes to Consolidated Schedule of Portfolio Investments | ||
| (a) | Unrestricted securities are freely marketable securities having readily available market quotations. All other securities are restricted securities, which are subject to one or more restrictions on resale and are not freely marketable. At June 30, 2010 restricted securities represented 99% of the value of the investment portfolio. Freed Maxick & Battaglia, CPAs PC has not examined the business descriptions of the portfolio companies. Individual securities with values less than <$100,000 are included in “Other Investments”. | |
| (b) | The Date Acquired column indicates the year in which the Corporation acquired its first investment in the company or a predecessor company. | |
| (c) | The equity percentages estimate the Corporation’s ownership interest in the portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. Freed Maxick & Battaglia, CPAs, PC has not audited the equity percentages of the portfolio companies. The symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent. | |
| (d) | The Corporation primarily uses the SBA’s valuation guidelines for SBIC’s which describes the policies and procedures used in valuing investments. Under the valuation policy of the Corporation, unrestricted securities are valued at the closing price for publicly held securities for the last three days of the month. Restricted securities, including securities of publicly-held companies, are subject to restrictions on resale, and are valued at fair value as determined by the management of the Corporation and submitted to the Board of Directors for approval. Fair value is considered to be the amount which the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company. On a consolidated basis the Corporation uses Accounting Standards Codification (ASC) 820 (formerly FAS No. 157) “Fair Value Measurements” which defines fair value and establishes guidelines for measuring fair value. ASC 820 designates the Corporation’s investments primarily as “Level 3” assets due to their privately held restricted nature. | |
| (e) | These investments are income producing. All other investments are non-income producing. Income producing investments have generated cash payments of interest or dividends within the last twelve months. | |
| (f) | Income Tax Information — As of June 30, 2010, the total cost of investment securities approximated $17.6 million. Net unrealized appreciation was approximately $8.8 million, which was comprised of $12.9 million of unrealized appreciation of investment securities and $4.1 million related to unrealized depreciation of investment securities | |
| (g) | Rand Capital SBIC, Inc. investment. | |
| (h) | Reduction in cost and value from previously reported balances reflects current principal repayment. | |
| (i) | Included in “Other Investments” is 30,500 shares OTC: PHPG.OB, a publicly owned company. | |
| (j) | Represents interest due (amounts over $50,000 net of reserves) from investment included as interest receivable on the Corporation’s Balance Sheet. | |
| (k) | Non-Control/Non-Affiliate investments are investments that are neither Control Investments or Affiliated Investments. | |
| (l) | Affiliate investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”), as those Non-Control investments in companies in which between 5% and 25% of the voting securities are owned or Rand holds a Board seat. | |
| (m) | Control investments are defined by the 1940 Act as investments in companies in which more than 25% of the voting securities are owned or where greater than 50% of the board representation is maintained. | |
9
10
| • | Rand and Rand SBIC to engage in certain related party transactions that the Corporation would otherwise be permitted to engage in as a BDC if its component parts were organized as a single corporation; |
| • | Rand, as a BDC, and Rand SBIC, as its BDC/SBIC subsidiary, to meet asset coverage requirements for senior securities on a consolidated basis; and |
| • | Rand SBIC, as a BDC/SBIC subsidiary of Rand as a BDC, to file Exchange Act reports on a consolidated basis as part of Rand’s Exchange Act reports. |
11
|
N-54A
|
Election to Adopt Business Development Company status | |
|
DEF-14A
|
Definitive Proxy Statement submitted to shareholders | |
|
Form 10-K
|
Annual Report on Form 10-K for the year ended December 31, 2009 | |
|
Form 10-Q
|
Quarterly Report on Form 10-Q for the quarters ended March 31, 2010, September 30, 2009 and June 30, 2009 | |
|
Form N-23C-1
|
Reports by closed-end investment companies of purchases of their own securities |
12
13
14
| • | Market approach — The market approach uses observable prices and other relevant information generated by similar market transactions. It may include the use of market multiples derived from a set of comparables to assist in pricing the investment. |
| • | Income approach — The income approach employs a cash flow and discounting methodology to value an investment. |
| • | The Corporation adjusts valuations if a subsequent significant equity financing has occurred that includes a meaningful portion of the financing by a sophisticated, unrelated new investor. |
| Fair Value Measurements at Reported Date Using | ||||||||||||||||
| Quoted Prices in | Significant | Other Significant | ||||||||||||||
| Active Markets for | Observable | Unobservable | ||||||||||||||
| Identical Assets | Inputs | Inputs | ||||||||||||||
| Description | June 30, 2010 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
|
|
||||||||||||||||
|
Loan investments
|
$ | 452,239 | $ | 452,239 | ||||||||||||
|
|
||||||||||||||||
|
Debt investments
|
3,531,923 | 3,531,923 | ||||||||||||||
|
|
||||||||||||||||
|
Equity investments
|
22,401,731 | $ | 32,025 | 22,369,706 | ||||||||||||
|
|
||||||||||||||||
|
Total Venture
Capital Investments
|
$ | 26,385,893 | $ | 32,025 | $ | 0 | $ | 26,353,868 | ||||||||
|
|
||||||||||||||||
| Quoted Prices in | Significant | Other Significant | ||||||||||||||
| Active Markets for | Observable | Unobservable | ||||||||||||||
| December 31, | Identical Assets | Inputs | Inputs | |||||||||||||
| Description | 2009 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
|
|
||||||||||||||||
|
Venture Capital
Investments
|
$ | 24,296,145 | $ | 30,498 | $ | 0 | $ | 24,265,647 | ||||||||
|
|
||||||||||||||||
15
| Fair Value Measurements Using Significant | ||||||||||||||||
| Unobservable Inputs (Level 3) | ||||||||||||||||
| Venture Capital Investments | ||||||||||||||||
| Loan | Debt | Equity | ||||||||||||||
| Description | Investments | Investments | Investments | Total | ||||||||||||
|
Beginning Balance, December 31, 2009,
of Level 3 Assets
|
$ | 488,104 | $ | 3,487,120 | $ | 20,290,423 | $ | 24,265,647 | ||||||||
|
Realized Gains or Losses included in
net change in net assets from
operations
|
— | — | — | — | ||||||||||||
|
|
||||||||||||||||
|
Unrealized gains or losses included
in net change in net assets from
operations
|
||||||||||||||||
|
SOMS Technologies, LLC (SOMS)
|
55,313 | 55,313 | ||||||||||||||
|
Niagara Dispensing Technologies,
Inc. (Niagara Dispensing)
|
(100,000 | ) | (100,000 | ) | ||||||||||||
|
Innov-X Systems, Inc. (Innovex)
|
(700,000 | ) | (700,000 | ) | ||||||||||||
|
|
||||||||||||||||
|
Purchases of Securities
|
||||||||||||||||
|
Microcision LLC (Microcision)
|
877,048 | 877,048 | ||||||||||||||
|
Mid America Brick (Mid America)
|
800,000 | 800,000 | ||||||||||||||
|
GridApp Systems Inc. (GridApp)
|
481,774 | 481,774 | ||||||||||||||
|
Rheonix, Inc. (Rheonix)
|
250,000 | 250,000 | ||||||||||||||
|
Niagara Dispensing
|
222,753 | 222,753 | ||||||||||||||
|
EmergingMed.com, Inc. (Emerging Med)
|
216,712 | 216,712 | ||||||||||||||
|
Mezmeriz, Inc. (Mezmeriz)
|
21,509 | 21,509 | ||||||||||||||
|
Carolina Skiff LLC (Carolina Skiff)
|
18,861 | 18,861 | ||||||||||||||
|
SOMS
|
15,897 | 15,897 | ||||||||||||||
|
|
||||||||||||||||
|
Repayments of Securities
|
||||||||||||||||
|
Gemcor II, LLC (Gemcor)
|
(35,865 | ) | (35,781 | ) | (71,646 | ) | ||||||||||
|
|
||||||||||||||||
|
Transfers within Level 3
|
(1,270,687 | ) | 1,270,687 | — | ||||||||||||
|
Transfers in or out of Level 3
|
— | — | — | — | ||||||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
Ending Balance, June 30, 2010, of
Level 3 Assets
|
$ | 452,239 | $ | 3,531,923 | $ | 22,369,706 | $ | 26,353,868 | ||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
The amount of total gains or
losses for the period included
in earnings (or changes in net
assets) attributable to the
change in unrealized gains or
losses relating to assets still
held at the reporting date.
|
$ | (744,687 | ) | |||||||||||||
|
|
||||||||||||||||
|
Gains and losses (realized and
unrealized) included in Net
decrease in net assets from
operations for the period
above are reported as follows:
|
||||||||||||||||
|
|
||||||||||||||||
|
Net Gain (Loss) on Sales
and Dispositions
|
— | |||||||||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
Change in unrealized gains or
losses relating to assets still
held at reporting date
|
$ | (744,687 | ) | |||||||||||||
|
|
||||||||||||||||
16
| Fair Value Measurements Using Significant | ||||||||
| Unobservable Inputs (Level 3) | ||||||||
| Venture Capital Investments | ||||||||
|
Beginning Balance, December 31, 2008, of Level 3 Assets
|
$ | 28,014,282 | ||||||
|
|
||||||||
|
|
||||||||
|
Realized Gains or Losses included in net change in
net assets from operations
|
— | |||||||
|
|
||||||||
|
Unrealized gains or losses included in net
change in net assets from operations
|
— | |||||||
|
Associates Interactive, LLC (Associates)
|
$ | (293,518 | ) | |||||
|
APF Group, Inc. (APF)
|
$ | (174,213 | ) | |||||
|
Adampluseve, Inc. (Adampluseve)
|
$ | (65,341 | ) | |||||
|
Golden Goal LLC (Golden Goal)
|
$ | (100,000 | ) | |||||
|
G-TEC Natural Gas Systems (G-Tec)
|
$ | (98,000 | ) | |||||
|
Niagara Dispensing Technologies, Inc. (Niagara Dispensing)
|
$ | (168,702 | ) | $ | (899,774 | ) | ||
|
|
||||||||
|
|
||||||||
|
Purchases of Securities
|
||||||||
|
Associates
|
$ | 43,518 | ||||||
|
APF
|
$ | 24,212 | ||||||
|
Golden Goal
|
$ | 38,238 | ||||||
|
GridApp Systems Inc. (GridApp)
|
$ | 18,137 | ||||||
|
Innov-X Systems, Inc. (Innovex)
|
$ | 250,000 | ||||||
|
Niagara Dispensing
|
$ | 50,000 | $ | 424,105 | ||||
|
|
||||||||
|
Repayments of Securities
|
||||||||
|
Gemcor II, LLC (Gemcor)
|
$ | (33,038 | ) | $ | (33,038 | ) | ||
|
Transfers in or out of Level 3
|
— | |||||||
|
|
||||||||
|
|
||||||||
|
Ending Balance, June 30, 2009, of Level 3 Assets
|
$ | 27,505,575 | ||||||
|
|
||||||||
|
|
||||||||
|
The amount of total gains or losses for the
period included in earnings (or changes in
net assets) attributable to the change in
unrealized gains or losses relating to assets
still held at the reporting date.
|
$ | (899,774 | ) | |||||
|
|
||||||||
|
Gains and losses (realized and unrealized)
included in Net decrease in net assets from operations
for the period above are reported as follows:
|
||||||||
|
|
||||||||
|
Net Gain (Loss) on Sales and Dispositions
|
— | |||||||
|
|
||||||||
|
|
||||||||
|
Change in unrealized gains or losses relating
to assets still held at reporting date
|
$ | ( 899,774 | ) | |||||
|
|
||||||||
17
| Six months ended | Year ended | |||||||
| June 30, 2010 | December 31, | |||||||
| (Unaudited) | 2009 | |||||||
|
Income from investment operations (1):
|
||||||||
|
Investment income
|
$ | 0.06 | $ | 0.28 | ||||
|
Expenses
|
0.13 | 0.30 | ||||||
|
|
||||||||
|
Investment (loss) before income taxes
|
(0.07 | ) | (0.02 | ) | ||||
|
Income tax (benefit)
|
(0.02 | ) | (0.01 | ) | ||||
|
|
||||||||
|
Net investment (loss)
|
(0.05 | ) | (0.01 | ) | ||||
|
Issuance of common stock
|
— | 0.61 | ||||||
|
Net realized and unrealized (loss) on investments
|
(0.07 | ) | (0.11 | ) | ||||
|
|
||||||||
|
(Decrease) increase in net asset value
|
(0.12 | ) | 0.49 | |||||
|
Net asset value, beginning of period, based on weighted average
shares
|
3.40 | 3.54 | ||||||
|
|
||||||||
|
Net asset value, end of period, based on weighted average shares
|
$ | 3.28 | $ | 4.03 | ||||
|
|
||||||||
|
Per share market price, end of period
|
$ | 3.25 | $ | 3.98 | ||||
|
|
||||||||
|
Total return based on market value
|
(18.34 | )% | 13.71 | % | ||||
|
Total return based on net asset value
|
(3.55 | )% | (3.74 | )% | ||||
|
Supplemental data:
|
||||||||
|
Ratio of expenses before income taxes to average net assets
|
3.79 | % | 8.52 | % | ||||
|
Ratio of expenses including taxes to average net assets
|
3.06 | % | 8.35 | % | ||||
|
Ratio of net investment loss to average net assets
|
(1.36 | )% | (0.29 | )% | ||||
|
Portfolio turnover
|
10.2 | % | 11.3 | % | ||||
|
Net assets, end of period
|
$ | 22,382,876 | $ | 23,205,881 | ||||
|
Weighted average shares outstanding, end of period
|
6,818,934 | 6,115,081 | ||||||
| (1) | Per share data are based on weighted average shares outstanding and the results are rounded |
18
19
20
| 6/30/10 | 12/31/09 | Decrease | % Decrease | |||||||||||||
|
Total assets
|
$ | 34,212,202 | $ | 35,631,371 | $ | (1,419,169 | ) | (4.0 | %) | |||||||
|
Total liabilities
|
11,829,326 | 12,425,490 | (596,164 | ) | (4.8 | %) | ||||||||||
|
|
||||||||||||||||
|
Net assets
|
$ | 22,382,876 | $ | 23,205,881 | $ | (823,005 | ) | (3.5 | %) | |||||||
|
|
||||||||||||||||
| Increase | % Increase | |||||||||||||||
| 6/30/10 | 12/31/09 | (Decrease) | (Decrease) | |||||||||||||
|
Investments, at cost
|
$ | 17,600,827 | $ | 14,767,920 | $ | 2,832,907 | 19.2 | % | ||||||||
|
Unrealized appreciation, net
|
8,785,066 | 9,528,225 | (743,159 | ) | (7.8 | %) | ||||||||||
|
|
||||||||||||||||
|
Investments at fair value
|
$ | 26,385,893 | $ | 24,296,145 | $ | 2,089,748 | 8.6 | % | ||||||||
|
|
||||||||||||||||
| Amount | ||||
|
New Investments
:
|
||||
|
Microcision LLC (Microcision)
|
$ | 850,000 | ||
|
Mid America Brick (Mid America)
|
800,000 | |||
|
GridApp Systems, Inc. (GridApp)
|
480,000 | |||
|
Rheonix, Inc. (Rheonix)
|
250,000 | |||
|
Niagara Dispensing Technologies, Inc. (Niagara Dispensing)
|
200,000 | |||
|
|
||||
|
Total of new investments made during the six months
ended June 30, 2010
|
$ | 2,580,000 | ||
|
|
||||
|
Changes to Investments:
|
||||
|
EmergingMed.com, Inc (Emerging Med) interest conversion
|
$ | 216,712 | ||
|
Microcision interest conversion
|
27,048 | |||
|
Niagara Dispensing interest conversion
|
22,752 | |||
|
Mezmeriz, Inc (Mezmeriz) interest conversion
|
21,509 | |||
|
Carolina Skiff LLC (Carolina Skiff) interest conversion
|
18,861 | |||
|
SOMS Technologies, LLC (SOMS) interest conversion
|
15,897 | |||
|
GridApp interest conversion
|
1,774 | |||
|
|
||||
|
Total of changes to investments made during the six months
ended June 30, 2010
|
$ | 324,553 | ||
|
|
||||
|
Investment Repayments:
|
||||
|
Gemcor II, LLC (Gemcor)
|
(71,646 | ) | ||
|
|
||||
|
Total of investment repayments during the six months
ended June 30, 2010
|
(71,646 | ) | ||
|
|
||||
|
|
||||
|
Total change in investments, at cost,
during the six months ended June 30, 2010
|
$ | 2,832,907 | ||
|
|
||||
21
| Increase | % Increase | |||||||||||||||
| June 30, 2010 | June 30, 2009 | (Decrease) | (Decrease) | |||||||||||||
|
Interest from portfolio companies
|
$ | 334,006 | $ | 287,523 | $ | 46,483 | 16.2 | % | ||||||||
|
Interest from other investments
|
9,189 | 12,294 | (3,105 | ) | (25.3 | %) | ||||||||||
|
Dividend and other investment income
|
36,291 | 384,271 | (347,980 | ) | (90.6 | %) | ||||||||||
|
Other income
|
7,328 | 15,166 | (7,838 | ) | (51.7 | )% | ||||||||||
|
|
||||||||||||||||
|
Total investment income
|
$ | 386,814 | $ | 699,254 | $ | (312,440 | ) | (44.7 | %) | |||||||
|
|
||||||||||||||||
| Interest | Investment | Year that Interest | ||||||||||
| Company | Rate | Cost | Accrual Ceased | |||||||||
|
APF
|
8 | % | $ | 631,547 | 2009 | |||||||
|
Associates Interactive LLC (Associates)
|
8 | % | 293,518 | 2009 | ||||||||
|
Golden Goal LLC
|
13 | % | 675,652 | 2009 | ||||||||
|
G-Tec Natural Gas Systems (G-Tec)
|
8 | % | 400,000 | 2004 | ||||||||
|
UStec, Inc. (Ustec)
|
5 | % | 100,000 | 2006 | ||||||||
|
WineIsIt.com (Wineisit)
|
10 | % | 801,918 | 2005 | ||||||||
22
| June 30, 2010 | June 30, 2009 | Increase | % Increase | |||||||||||||
|
|
||||||||||||||||
|
Total Expenses
|
$ | 864,238 | $ | 856,254 | $ | 7,984 | 0.9 | % | ||||||||
23
| June 30, 2010 | ||||
|
SOMS
|
$ | 55,313 | ||
|
Photonics Products Group, Inc (Photonics)
|
1,525 | |||
|
Innov-X Systems, Inc. (Innovex)
|
(700,000 | ) | ||
|
Niagara Dispensing
|
(100,000 | ) | ||
|
|
||||
|
Total change in net unrealized appreciation
during the six months ended June 30, 2010
|
$ | (743,162 | ) | |
|
|
||||
| June 30, 2009 | ||||
|
Photonic
|
$ | 19,450 | ||
|
Associates Interactive
|
(293,518 | ) | ||
|
APF Group, Inc. (APF)
|
(174,213 | ) | ||
|
Niagara Dispensing
|
(168,702 | ) | ||
|
Golden Goal LLC (Golden Goal)
|
(100,000 | ) | ||
|
G-TEC Natural Gas Systems (G-Tec)
|
(98,000 | ) | ||
|
Adampluseve, Inc. (Adampluseve)
|
(65,341 | ) | ||
|
|
||||
|
Total change in net unrealized appreciation
during the six months ended June 30, 2009
|
$ | (880,324 | ) | |
|
|
||||
24
25
26
27
| (3 | )(i) |
Certificate of Incorporation of the Corporation, incorporated by
reference to Exhibit (a) (1) of Form N-2 filed with the Securities
Exchange Commission on April 22, 1997.
|
||
| (3 | )(ii) |
By-laws of the Corporation incorporated by reference to Exhibit (b) of
Form N-2 filed with the Securities Exchange Commission on April 22, 1997.
|
||
| (4 | ) |
Specimen certificate of common stock certificate,
incorporated by reference to Exhibit (b) of Form N-2 filed with the
Securities Exchange Commission on April 22, 1997.
|
||
| (10.1 | ) |
Employee Stock Option Plan — incorporated by reference to Appendix B to
the Corporation’s definitive Proxy Statement filed on June 1, 2002.*
|
||
| (10.3 | ) |
Agreement of Limited Partnership for Rand Capital SBIC, L.P. —
incorporated by reference to Exhibit 10.3 to the Corporation’s Form 10-K
filed for the year ended December 31, 2001.
|
||
| (10.4 | ) |
Certificate of Formation of Rand Capital SBIC, L.P. — incorporated by
reference to Exhibit 10.4 to the Corporation’s Form10-K filed for the year
ended December 31, 2001
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| (10.5 | ) |
Limited Liability Corporation Agreement of Rand Capital Management, LLC
— incorporated by reference to Exhibit 10.5 to the Corporation’s Form 10-K
Report filed for the year ended December 31, 2001.
|
||
| (10.6 | ) |
Certificate of Formation of Rand Capital Management, LLC — incorporated
by reference to Exhibit 10.6 to the Corporation’s Form 10-K Report filed
for the year ended December 31, 2001.
|
||
| (10.7 | ) |
Certificate of Incorporation of Rand Merger Corporation as filed by the
NY Department of State on 12/18/08 — incorporated by reference to
Exhibit 1(a) to Registration Statement No. 811-22276 on Form N-5 of Rand
Capital SBIC, Inc. filed with the SEC on 2/6/09.
|
||
| (10.8 | ) |
By-laws of Rand Capital SBIC, Inc. — incorporated by reference to
Exhibit 2 to Registration Statement No. 811-22276 on Form N-5 of Rand
Capital SBIC, Inc. filed with the SEC on 2/6/09.
|
||
| (10.9 | ) |
Certificate of Merger of Rand Capital SBIC, L.P. and Rand Capital
Management, LLC into Rand Merger Corporation, as filed by the NY
Department of State on 12/18/08 — incorporated by reference to Exhibit
1(b) to Registration Statement No. 811-22276 on Form N-5 of Rand Capital
SBIC, Inc. filed with the SEC on 2/6/09.
|
||
| (10.10 | ) |
Rand Capital Corporation Amended and Restated Profit Sharing Plan
applicable to Rand Capital SBIC, Inc. — incorporated by reference to
Exhibit 7 to Registration Statement No. 811-22276 on Form N-5 of Rand
Capital SBIC, Inc. filed with the SEC on 2/6/09.*
|
||
| (10.11 | ) |
Form of Subscription Agreement used by Rand Capital Corporation in
connection with a private offering of 1,100,000 shares of common stock
that was completed on September 4, 2009 — incorporated by reference to
Exhibit 99.1 to the Corporation’s Form 8-K report filed on August 13,
2009.
|
||
28
| (31.1 | ) |
Certification of the Chief Executive Officer Pursuant to Rules
13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as
amended, filed herewith
|
||
| (31.2 | ) |
Certification of Chief Financial Officer Pursuant to Rules
13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934, as
amended, filed herewith
|
||
| (32.1 | ) |
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
— Rand Capital Corporation — furnished herewith
|
||
| (32.2 | ) |
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
— Rand Capital SBIC, Inc. — furnished herewith
|
| * | Management contract or compensatory plan. |
29
| RAND CAPITAL CORPORATION | ||||||
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By: |
/s/ Allen F. Grum
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By: |
/s/ Daniel P. Penberthy
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| RAND CAPITAL SBIC, INC. | ||||||
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By: |
/s/ Allen F. Grum
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By: |
/s/ Daniel P. Penberthy
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30
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|