SEC Info - Mill City Ventures III, Ltd. - ‘10-Q’ for 6/30/22

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Mill City Ventures III, Ltd. – ‘10-Q’ for 6/30/22 – ‘R17’

On: Monday, 8/15/22, at 6:14pm ET · For: 6/30/22 · Accession #: 1410578-22-2643 · File #: 1-41472

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/15/22  Mill City Ventures III, Ltd.      10-Q        6/30/22   54:5.7M                                   Toppan Merrill/FA2

Quarterly Report — Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.57M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     20K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     20K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
10: R1          Document and Entity Information                     HTML     64K 
11: R2          Condensed Balance Sheets                            HTML     99K 
12: R3          Condensed Balance Sheets (Parenthetical)            HTML     23K 
13: R4          Condensed Statements of Operations (Unaudited)      HTML     78K 
14: R5          Condensed Statements of Shareholders Equity         HTML     59K 
                (Unaudited)                                                      
15: R6          Condensed Statements of Cash Flows (Unaudited)      HTML     68K 
16: R7          Condensed Schedule of Investments                   HTML    107K 
17: R8          Organization                                        HTML     19K 
18: R9          Significant Accounting Policies                     HTML     36K 
19: R10         Investments                                         HTML     96K 
20: R11         Fair Value of Financial Instruments                 HTML    175K 
21: R12         Related-Party Transactions                          HTML     22K 
22: R13         Income Taxes                                        HTML     22K 
23: R14         Line of Credit                                      HTML     24K 
24: R15         Shareholders' Equity                                HTML     23K 
25: R16         Per-Share Information                               HTML     40K 
26: R17         Operating Leases                                    HTML     44K 
27: R18         Financial Highlights                                HTML     89K 
28: R19         Subsequent Events                                   HTML     20K 
29: R20         Significant Accounting Policies (Policies)          HTML     56K 
30: R21         Investments (Tables)                                HTML     98K 
31: R22         Fair Value of Financial Instruments (Tables)        HTML    177K 
32: R23         Per-Share Information (Tables)                      HTML     39K 
33: R24         Operating Leases (Tables)                           HTML     47K 
34: R25         Financial Highlights (Tables)                       HTML     88K 
35: R26         Organization (Details)                              HTML     17K 
36: R27         Significant Accounting Policies (Details)           HTML     22K 
37: R28         INVESTMENTS - Composition of our investments by     HTML     50K 
                major class (Details)                                            
38: R29         Fair Value of Financial Instruments (Details)       HTML     59K 
39: R30         Related-Party Transactions (Details)                HTML     31K 
40: R31         Income Taxes (Details)                              HTML     31K 
41: R32         LINE OF CREDIT - Additional Information (Details)   HTML     31K 
42: R33         Shareholders' Equity (Details)                      HTML     25K 
43: R34         Per-Share Information (Details)                     HTML     37K 
44: R35         OPERATING LEASES - Additional Information           HTML     24K 
                (Details)                                                        
45: R36         OPERATING LEASES - components of our operating      HTML     25K 
                lease (Details)                                                  
46: R37         OPERATING LEASES - Supplemental balance sheet       HTML     23K 
                information (Details)                                            
47: R38         OPERATING LEASES - Maturity analysis under lease    HTML     25K 
                agreements (Details)                                             
48: R39         Financial Highlights (Details)                      HTML     59K 
49: R40         Subsequent Events (Details)                         HTML     42K 
52: XML         IDEA XML File -- Filing Summary                      XML     92K 
50: XML         XBRL Instance -- mcvt-20220630x10q_htm               XML   1.59M 
51: EXCEL       IDEA Workbook of Financial Reports                  XLSX     88K 
 6: EX-101.CAL  XBRL Calculations -- mcvt-20220630_cal               XML     91K 
 7: EX-101.DEF  XBRL Definitions -- mcvt-20220630_def                XML    246K 
 8: EX-101.LAB  XBRL Labels -- mcvt-20220630_lab                     XML    752K 
 9: EX-101.PRE  XBRL Presentations -- mcvt-20220630_pre              XML    530K 
 5: EX-101.SCH  XBRL Schema -- mcvt-20220630                         XSD    115K 
53: JSON        XBRL Instance as JSON Data -- MetaLinks              237±   354K 
54: ZIP         XBRL Zipped Folder -- 0001410578-22-002643-xbrl      Zip    230K

‘R17’ — Operating Leases

This is an IDEA Financial Report. [ Alternative Formats ]

OPERATING LEASES

6 Months Ended

Jun. 30, 2022

OPERATING LEASES

OPERATING LEASES

NOTE 10 – OPERATING LEASES

We are subject to two non-cancelable operating leases for office space expiring April 2, 2023. These leases do not have significant lease escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the leases do not contain contingent rent provisions. The leases do not include options to renew.

Because our lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The weighted-average discount rate as of December 31, 2021 was 4.5% and the weighted-average remaining lease term is one year.

Under ASC 840, rent expense for office facilities for the three months ended June 30, 2022 and June 30, 2021 was $19,141 and $16,337, respectively.

The components of our operating lease were as follows for the three and six months ended June 30, 2022:


	Three Months Ended		Six Months Ended
	June 30, 2022		June 30, 2022
Operating lease costs	$	5,504	$	10,283
Variable lease cost		4,522		9,123
Short-term lease cost		9,115		16,547
Total	$	19,141	$	35,953

Supplemental balance sheet information consisted of the following at June 30, 2022:


Operating Lease
Right-of-use assets	$	26,804

Operating Lease Liability	$	26,859
Less: short term portion		(23,832)
Long term portion	$	3,027

Maturity analysis under lease agreements consisted of the following as of June 30, 2022:


	Operating
	Leases
2022	$	12,715
2023		14,859
Total lease payments		27,574
Less: interest		(715)
Present value of lease liabilities	$	26,859

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

	4/2/23
Filed on:	8/15/22	4/A
For Period end:	6/30/22
	12/31/21	10-K
	6/30/21	10-Q, 10-Q/A
		List all Filings

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/23/13  Mill City Ventures III, Ltd.      8-K:5,7,9   1/17/13    3:37K                                    Toppan Merrill/FA
 1/29/08  Mill City Ventures III, Ltd.      10SB12G                6:1.3M                                   Toppan Merrill/FA

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Filing Submission 0001410578-22-002643 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)