Princeton Capital Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Princeton Capital Corporation filed its 2023 10-K, reporting as a non-accelerated filer and smaller reporting company.</b>

AI Summary

PRINCETON CAPITAL CORP (PIAC) filed a Annual Report (10-K) with the SEC on March 29, 2024. Princeton Capital Corporation filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Maryland and its principal executive offices are located in North Andover, Massachusetts. Princeton Capital Corporation is not a well-known seasoned issuer and is classified as a non-accelerated filer and a smaller reporting company. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. Princeton Capital Corporation has elected not to use the extended transition period for complying with new or revised accounting standards.

Why It Matters

For investors and stakeholders tracking PRINCETON CAPITAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Princeton Capital Corporation's financial performance and operational status for the fiscal year 2023. As a smaller reporting company and non-accelerated filer, the company's disclosures may differ from larger, more established entities, offering a specific perspective on its business.

Risk Assessment

Risk Level: low — PRINCETON CAPITAL CORP shows low risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags, indicating routine compliance and disclosure.

Analyst Insight

Monitor future filings for financial performance trends and strategic updates from Princeton Capital Corporation.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 20240329 — Filing Date (Filed as of date)
• 46-3516073 — IRS Number (I.R.S. Employer Identification No.)
• 814-00710 — Commission File Number (Commission File Number)

Key Players & Entities

• PRINCETON CAPITAL CORP (company) — Registrant
• Maryland (jurisdiction) — State of incorporation
• North Andover (location) — City of principal executive offices
• 01845 (postal_code) — ZIP code of principal executive offices
• 978-794-3366 (phone_number) — Business phone number
• REGAL ONE Corp (company) — Former company name
• 20090730 (date) — Date of name change
• 19930929 (date) — Date of name change

FAQ

Industry Context

The filing is a standard annual report for a publicly traded company, providing a comprehensive overview of its business and financial condition.

Regulatory Implications

The report is filed under the Securities Exchange Act of 1934, requiring regular disclosures from public companies.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and management's discussion and analysis.
2. Compare key financial metrics from this filing to previous periods to identify trends.
3. Note the company's classification as a non-accelerated filer and smaller reporting company for context.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison to prior filings would require access to those documents.

Key Financial Figures

• $0.260 — 1,300,451 based on the closing price of $0.260 per share on the Over the Counter Pink
• $0.001 — re 120,486,061 shares of common stock, $0.001 par value, issued and outstanding. DOC
• $11.2 million — quisition in the approximate amounts of $11.2 million in cash, $43.5 million in equity & debt
• $43.5 million — imate amounts of $11.2 million in cash, $43.5 million in equity & debt investments, and $1.9
• $1.9 million — llion in equity & debt investments, and $1.9 million in restricted cash escrow deposits of t
• $56.6 million — ith an aggregate value of approximately $56.6 million and issued approximately 115.5 million
• $60.9 million — a pre-valuation presumed fair value of $60.9 million. On December 27, 2017, following the r
• $250 m — ve a market capitalization of less than $250 million, in each case organized in the Un
• $50,000 — incurred by House Hanover in excess of $50,000 in the aggregate in any calendar quarte

Filing Documents

• ea0202639-10k_princeton.htm (10-K) — 1760KB
• ea020263901ex31-1_princeton.htm (EX-31.1) — 10KB
• ea020263901ex31-2_princeton.htm (EX-31.2) — 10KB
• ea020263901ex32_princeton.htm (EX-32) — 4KB
• ea020263901ex99-1_princeton.htm (EX-99.1) — 176KB
• image_001.jpg (GRAPHIC) — 96KB
• ex99-1_001.jpg (GRAPHIC) — 2234KB
• ex99-1_002.jpg (GRAPHIC) — 249KB
• ex99-1_003.jpg (GRAPHIC) — 6KB
• 0001213900-24-027958.txt (&nbsp;) — 12309KB
• piac-20231231.xsd (EX-101.SCH) — 80KB
• piac-20231231_cal.xml (EX-101.CAL) — 37KB
• piac-20231231_def.xml (EX-101.DEF) — 277KB
• piac-20231231_lab.xml (EX-101.LAB) — 489KB
• piac-20231231_pre.xml (EX-101.PRE) — 274KB
• ea0202639-10k_princeton_htm.xml (XML) — 1668KB

BUSINESS

BUSINESS 1 Item 1A. RISK FACTORS 9 Item 1B. UNRESOLVED STAFF COMMENTS 18 Item 1C. CYBERSECURITY 18 Item 2.

PROPERTIES

PROPERTIES 19 Item 3. LEGAL PROCEEDINGS 19 Item 4. MINE SAFETY DISCLOSURES 19 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDERS MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 20 Item 6. [Reserved] 23 Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33 Item 8. FINANCIAL F-1 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 34 Item 9A. CONTROLS AND PROCEDURES 34 Item 9B. OTHER INFORMATION 34 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 34 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 35 Item 11. EXECUTIVE COMPENSATION 38 Item 12. SECURITY 39 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 40 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 42 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 44

SIGNATURES

SIGNATURES 45 - i - PART I In this Annual Report on Form 10-K, except as otherwise indicated, the terms "we," "us," "our," and the "Company" refer to Princeton Capital Corporation and "House Hanover" refers to our investment adviser House Hanover, LLC. Some of the statements in this Annual Report on Form 10-K constitute forward-looking statements, which relate to future events, future performance or financial condition. These forward-looking statements involve risks and uncertainties and actual results could differ materially from those projected in the

forward-looking statements for any reason, including those factors discussed in "Item 1A. Risk Factors" and elsewhere in

forward-looking statements for any reason, including those factors discussed in "Item 1A. Risk Factors" and elsewhere in the report.

BUSINESS

Item 1. BUSINESS Overview and Background Princeton Capital Corporation's predecessor was initially incorporated in Florida in 1959 as Electro-Mechanical Services, Inc. In 1998, it changed its name from Electro-Mechanical Services, Inc. to Regal One Corporation ("Regal One"). In 2005, the then board of directors of Regal One determined it would be in the best interest of shareholders to change the focus of Regal One's operations to providing financial services through a network of advisors and professionals. On July 14, 2014, Regal One, the Company (then a wholly-owned subsidiary of Regal One), Capital Point Partners, LP, a Delaware limited partnership ("CPP"), and Capital Point Partners II, LP, a Delaware limited partnership ("CPPII" and, together with CPP, the "Partnerships"), entered into an Asset Purchase Agreement (the "Purchase Agreement") pursuant to which we would acquire certain equity and debt investments of the Partnerships in exchange for shares of common stock. In addition to the customary conditions to closing the transactions contemplated by the Purchase Agreement, Regal One was required to (i) effect a reverse stock split of its then outstanding common stock at a ratio of 1-for-2, (ii) reincorporate from Florida to Maryland by merging with and into the Company with the Company continuing as the surviving corporation (the "Reincorporation") and (iii) become an externally managed business development company ("BDC") by entering into an external investment advisory agreement with Princeton Investment Advisors, LLC, a Delaware limited liability company. On March 13, 2015, following the reverse stock split and the Reincorporation, we completed our acquisition in the approximate amounts of $11.2 million in cash, $43.5 million in equity & debt investments, and $1.9 million in restricted cash escrow deposits of the Partnerships with an aggregate value of approximately $56.6 million and issued approximately 115.5 million shares of our common stock to the

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View this 10-K filing on SEC EDGAR