Rand Capital Corp. Reports 2023 Year-End Investments

Ticker: RAND · Form: 10-K · Filed: 2024-03-05T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, investments, debt

TL;DR

Rand Capital's investments are up, with significant notes to SciAps and ITA Acquisition.

AI Summary

Rand Capital Corp. reported its 2023 fiscal year end results on March 5, 2024. The company's total investments reached 126.8% of its portfolio value as of December 31, 2023. Key investments include a $2,090,000 note with SciAps, Inc. and a $1,500,000 note with ITA Acquisition, LLC.

Why It Matters

This filing provides insight into Rand Capital's investment portfolio and financial health, which can influence investor decisions and the performance of its portfolio companies.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant positive developments.

Key Numbers

Key Players & Entities

FAQ

What was the total value of Rand Capital Corp.'s investments as of December 31, 2023?

The total investments for Rand Capital Corp. were 126.8% of its portfolio value as of December 31, 2023.

What is the principal amount of the note Rand Capital Corp. holds with SciAps, Inc.?

Rand Capital Corp. holds a Second Amended and Restated Secured Subordinated Promissory Note with SciAps, Inc. for $2,090,000 at 12% interest.

What are the terms of the note Rand Capital Corp. holds with ITA Acquisition, LLC?

Rand Capital Corp. holds a Term Note with ITA Acquisition, LLC for $1,500,000 at 12% interest with an additional 5% PIK (Payment-In-Kind) through September 30, 2024.

Does Rand Capital Corp. have any convertible notes listed?

Yes, Rand Capital Corp. has a $420,000 Convertible Note at 10% with FCM Industries Holdco LLC, dated January 1, 2023.

What is the filing date for this 10-K report?

This 10-K report for Rand Capital Corp. was filed on March 5, 2024.

From the Filing

0000950170-24-025396.txt : 20240305 0000950170-24-025396.hdr.sgml : 20240305 20240305073116 ACCESSION NUMBER: 0000950170-24-025396 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240305 DATE AS OF CHANGE: 20240305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RAND CAPITAL CORP CENTRAL INDEX KEY: 0000081955 ORGANIZATION NAME: IRS NUMBER: 160961359 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-00235 FILM NUMBER: 24718284 BUSINESS ADDRESS: STREET 1: 1405 RAND BUILDING CITY: BUFFALO STATE: NY ZIP: 14203 BUSINESS PHONE: 7168530802 MAIL ADDRESS: STREET 1: 1405 RAND BUILDING CITY: BUFFALO STATE: NY ZIP: 14203 10-K 1 rand-20231231.htm 10-K 10-K 0000081955 --12-31 false FY http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember 0.1111 .3333 0.4 0000081955 Tilson Technology Management, Inc. - 70,176 Series D Preferred 2022-12-31 0000081955 DSD Operating, LLC - 3,063,276 Term Note 2022-12-31 0000081955 rand:RegularQuarterlyDividendMember 2023-09-30 0000081955 rand:RegularQuarterlyDividendMember 2023-10-01 2023-12-31 0000081955 SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% 2022-01-01 2022-12-31 0000081955 ITA Acquisition, LLC - $1,500,000 Term Note at 12% (+5% PIK) through September 30, 2024 2023-12-31 0000081955 us-gaap:FairValueInputsLevel3Member rand:NonControlAndNonAffiliateLoanAndDebtInvestmentsMember 2022-12-31 0000081955 SciAps, Inc. - 117,371 Series B Convertible Preferred 2022-01-01 2022-12-31 0000081955 FCM Industries Holdco LLC $420,000 Convertible Note at 10% 2023-01-01 2023-12-31 0000081955 Barings BDC, Inc. - 40,000 shares 2023-12-31 0000081955 TOTAL INVESTMENTS – 126.8% 2023-12-31 0000081955 rand:ClearviewSocialIncMember us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-12-31 0000081955 ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units 2021-12-31 0000081955 Filterworks 2022-01-01 2022-12-31 0000081955 GoNoodle, Inc. - Warrant for 21,948 Series D Preferred 2023-12-31 0000081955 Applied Image, Inc. - $1,750,000 Term Note at 10% 2022-12-31 0000081955 rand:RegularQuarterlyDividendMember 2022-07-01 2022-09-30 0000081955 Other changes to investments, DSD Operating, LLC interest conversion 2023-01-01 2023-12-31 0000081955 Knoa Software, Inc. - 1,876,922 Series B Preferred 2022-01-01 2022-12-31 0000081955 rand:BlockerCorporationsMember 2022-01-01 2022-12-31 0000081955 Lumious - $850,000 Replacement Term Note 2023-12-31 0000081955 rand:ClearviewSocialIncMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-12-31 0000081955 Seybert’s Billiards Corporation - $1,435,435 Term Note 2022-01-01 2022-12-31 0000081955 DSD Operating, LLC 2023-01-01 2023-12-31 0000081955 Seybert’s Billiards Corporation - 4,139,444 Term Note 2023-01-01 2023-12-31 0000081955 rand:SocialflowIncMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-12-31 0000081955 Seybert’s Billiards Corporation - $4,139,444 Term Note at 12% 2022-12-31 0000081955 Applied Image, Inc. 2022-12-31 0000081955 Other changes to investments, Filterworks Acquisition USA, LLC interest conversion 2023-01-01 2023-12-31 0000081955 rand:ScenarioTwoMember 2023-01-01 2023-12-31 0000081955 Filterworks Acquisition USA, LLC DBA Autotality - 626.2 shares Class A-1 Units 2022-12-31 0000081955 Open Exchange, Inc - 397,899 Series C Preferred 2022-12-31 0000081955 PostProcess Technologies, Inc. - 360,002 Series A1 Preferred 2023-12-31 0000081955 Caitec, Inc. - 36,261 Series A Preferred 2023-12-31 0000081955 FS KKR Capital Corp. - 48,000 shares 2022-01-01 2022-12-31 0000081955 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member rand:FilterworksAcquisitionUsaLlcMember 2022-01-01 2022-12-31 0000081955 SciAps, Inc. - $2,090,000 Subordinated Promissory Note 2022-01-01

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