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Deferred tax benefit estimate for the ratio calculation is derived from net investment income (loss) only. Controlled investments. Primary exposure is equity risk. As of December 31, 2022, the Fund used various methods to develop fair market estimates. Deferred tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses). Includes warrants whose primary risk exposure is equity contracts. Security whose interest accrues over the life of the Note and is not payable until maturity. An interest adjustment was made in 2022. See Note 2 to the financial statements. Fair Value Level 3 security. (117% of net assets). Non-income producing security. CDI:CHESS Depositary Interests Calculated using average shares outstanding. The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of December 31, 2022 was $(30,670,079). The Fidelity Investments Money Market Portfolio invests primarily in U.S. Treasury securities. Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/22 and 12/31/21 were 4.13% and 0.01%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information. An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At December 31, 2023, we held $4,797,872 (or 380.7% of net assets) in restricted securities (see Note 2). Affiliated issuer. The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities. Asset derivatives include warrants. Fair Value Level 3 security. (380.7% of net assets). Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (See note 3). At December 31, 2022, we held $35,929,005 (or 117.4% of net assets) in restricted securities (see Note 2). Amount includes the incentive fee. For the year ended December 31, 2019, the ratio of the incentive fee to average net assets was (5.64)% The deferred tax expense and tax benefit are based on average net assets. Controlled Investments. As restated to reflect the removal of parenthetical notation to appropriately present ratio as deferred tax expense. 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0001495584 Firsthand Technology Value Fund, Inc. false --12-31 FY 2024 true true true true true true false 2,629 2,765 0.001 0.001 100,000,000 100,000,000 2.8 June 10, 2016 June 10, 2016 November 7, 2016 2.4 December 31, 2025 October 11, 2019 December 31, 2025 October 22, 2021 December 31, 2025 October 29, 2019 December 31, 2025 October 6, 2021 December 31, 2025 November 12, 2021 December 31, 2025 November 29, 2021 December 31, 2025 December 31, 2018 December 31, 2025 February 27, 2020 December 31, 2025 February 28, 2022 December 31, 2025 March 25, 2020 December 31, 2025 March 30, 2022 December 31, 2025 March 8, 2020 December 31, 2025 April 20, 2021 December 31, 2025 April 6, 2022 December 31, 2025 June 10, 2021 December 31, 2025 June 10, 2022 December 31, 2025 July 12, 2019 December 31, 2025 July 16, 2021 December 31, 2025 July 31, 2020 December 31, 2025 August 28, 2020 December 31, 2025 September 22, 2021 July 12, 2013 December 31, 2025 February 10, 2017 December 31, 2025 February 28, 2014 0.0 July 3, 2018 0.0 November 14, 2016 October 3, 2022 24.5 April 18, 2011 0.0 June 7, 2019 June 30, 2025 January 10, 2023 June 30, 2025 October 20, 2021 June 30, 2025 October 21, 2022 June 30, 2025 October 23, 2020 June 30, 2025 October 5, 2021 June 30, 2025 November 11, 2020 June 30, 2025 November 14, 2022 June 30, 2025 November 23, 2021 June 30, 2025 November 24, 2020 June 30, 2025 December 23, 2020 June 30, 2025 December 11, 2020 June 30, 2025 December 28, 2021 June 30, 2025 December 9, 2022 June 30, 2025 February 23, 2021 June 30, 2025 February 23, 2022 June 30, 2025 March 11, 2022 June 30, 2025 April 12, 2021 June 30, 2025 April 14, 2022 June 30, 2025 May 10, 2022 June 30, 2025 May 18, 2021 June 30, 2025 May 26, 2022 June 30, 2025 June 10, 2022 June 30, 2025 June 22, 2021 June 30, 2025 June 28, 2022 June 30, 2025 June 7, 2019 June 30, 2025 July 13, 2022 June 30, 2025 July 26, 2021 June 30, 2025 July 28, 2022 June 30, 2025 August 12, 2020 June 30, 2025 August 12, 2022 June 30, 2025 August 19, 2021 June 30, 2025 September 10, 2022 June 30, 2025 September 22, 2021 June 7, 2019 July 20, 2020 70.3 116,682,498 100.0 0.0 100.0 8.8 June 10, 2016 June 10, 2016 November 7, 2016 333.2 December 31, 2024 December 29, 2022 December 31, 2024 December 29, 2022 September 18, 2015 August 7, 2017 February 1, 2019 August 7, 2019 February 12, 2020 July 9, 2018 September 4, 2018 February 1, 2019 August 7, 2017 September 28, 2017 7.0 December 31, 2024 October 11, 2019 December 31, 2024 October 22, 2021 December 31, 2024 October 29, 2019 December 31, 2024 October 6, 2021 December 31, 2024 November 12, 2021 December 31, 2024 November 29, 2021 December 31, 2024 December 31, 2018 December 31, 2024 February 27, 2020 December 31, 2024 February 28, 2022 December 31, 2024 March 25, 2020 December 31, 2024 March 30, 2022 December 31, 2024 April 20, 2021 December 31, 2024 April 6, 2022 December 31, 2024 May 8, 2020 December 31, 2024 June 10, 2021 December 31, 2024 June 10, 2022 December 31, 2024 July 12, 2019 December 31, 2024 July 16, 2021 December 31, 2024 July 31, 2020 December 31, 2024 August 28, 2020 December 31, 2024 September 22, 2021 July 12, 2013 December 31, 2024 February 10, 2017 December 31, 2024 February 28, 2014 7.9 March 31, 2024 March 11, 2019 0.0 July 3, 2018 306.5 November 14, 2016 October 3, 2022 23.8 April 18, 2011 0.0 June 7, 2019 June 30, 2024 January 10, 2023 June 30, 2024 October 13, 2020 June 30, 2024 October 20, 2021 June 30, 2024 October 21, 2022 June 30, 2024 October 5, 2021 June 30, 2024 November 11, 2020 June 30, 2024 November 14, 2022 June 30, 2024 November 23, 2021 June 30, 2024 November 24, 2020 June 30, 2024 December 11, 2020 June 30, 2024 December 23, 2020 June 30, 2024 December 28, 2021 June 30, 2024 December 9, 2022 June 30, 2024 February 9, 2022 June 30, 2024 February 23, 2022 June 30, 2024 March 11, 2022 June 30, 2024 April 12, 2021 June 30, 2024 April 14, 2022 June 30, 2024 May 10, 2022 June 30, 2024 May 18, 2021 June 30, 2024 May 26, 2022 June 30, 2024 June 10, 2022 June 30, 2024 June 22, 2021 June 30, 2024 June 28, 2022 June 30, 2024 June 7, 2019 June 30, 2024 July 13, 2022 June 30, 2024 July 26, 2021 June 30, 2024 July 28, 2022 June 30, 2024 August 12, 2020 June 30, 2024 August 12, 2022 June 30, 2024 August 19, 2021 June 30, 2024 September 10, 2022 June 30, 2024 September 22, 2021 December 31, 2024 August 25, 2023 June 7, 2019 July 20, 2020 5.8 133,967,669 693.0 593.0 100.0 85,356 10,015,197 122,631 10,008,422 3,088,487 1,904,740 21,615,371 48,442,656 April 18, 2011 3 3 3 12,671 2.5 3.0 4,797,872 http://fasb.org/us-gaap/2024#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax http://fasb.org/us-gaap/2024#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax 9,611,866 http://fasb.org/us-gaap/2024#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax 0.3 0.8 1.0 1.0 5 5 50.0 50 4.38 4.38 22.8 22.8 0.0 0 0.0 5 5 50.0 50.0 4.38 4.38 0.0 0.7 1.1 0.9 4.27 4.27 10 10 55 55 0.0 0 0.4 8 1.0 0.9 5 5 50 50 3.84 3.84 22.7 22.7 4.2 2.1 2.1 0.0 0.1 5 5 50 50 3.84 3.84 0.1 1.2 1.5 4.01 4.01 8,449,388 0 0 December 31, 2025 December 31, 2027 December 31, 2028 December 31, 2029 April 26, 2016 September 30, 2016 November 10, 2017 August 31, 2018 23.2702 false false false false Per share results are calculated based on weighted average shares outstanding for each period. The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of December 31, 2024 was $(4,025,027). The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of December 31, 2023 was $(30,530,677). Controlled investments. Primary exposure is equity risk. As of December 31, 2022, the Fund used various methods to develop fair market estimates. Includes warrants whose primary risk exposure is equity contracts. Non-income producing security. As restated to reflect the removal of parenthetical notation to appropriately present ratio as tax expense. CDI:CHESS Depositary Interests Calculated using average shares outstanding. An increase in the inputs would result in a decrease in the securities valuation; a decrease in the input would result in an increase in the security's valuation. Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. The tax expense is based on average net assets. An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation. Security whose interest accrues until maturity however, based on December 31, 2024 valuation no such interest accrued during period ended December 31, 2024. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At December 31, 2023, we held $4,797,872 (or 380.7% of net assets) in restricted securities (see Note 2). Tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses). Affiliated issuer. The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities. Fair Value Level 3 security. (380.7% of net assets). Controlled Investments. Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At December 31, 2024, we held $315,250 (or 29.7% of net assets) in restricted securities (see Note 2). Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/24 and 12/31/23 were 4.34% and 5.23%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information. Fair Value Level 3 security (29.7% of net assets). As of December 31, 2023, the Fund used Liquidation Value and Market Comparable Companies approaches to value certain investments. As of December 31, 2024, the Fund discontinued these approaches in certain cases in which more reliable indications of value were developed. Security whose interest accrues until maturity however, based on December 31, 2023 valuation no such interest accrued during year ended December 31, 2023. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

(Mark One)

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024 or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 814-00830

Firsthand Technology Value Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of
incorporation or organization)

27-3008946
(I.R.S. Employer
Identification No.)

150 Almaden Boulevard, Suite 1250
San Jose, California 95113
(Address and zip code of principal executive offices)

(408) 886-7096
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, $0.001 par value	The NASDAQ Global Market

Securities registered pursuant to Section 12(g) of the Act:
None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in the definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐
Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes ☒ No

The aggregate market value of the Common Stock held by non-affiliates of the registrant as of December 31, ~~2023~~2024 was approximately $~~1 million~~ 290 thousand (computed using the closing price of $0.30 06 per share of Common Stock on December 31, ~~2023~~2024, as reported by OTC Markets Group.

As of March 1, ~~2024~~2025, Firsthand Technology Value Fund had 6,893,056 shares of common stock, par value $0.001 per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement prepared in connection with the Annual Meeting of Stockholders to be held in ~~2023~~ 2024 are incorporated by reference in Part III of this Form 10-K.

Explanatory note: We are amending this filing solely to amend the dates on the signature page and the exhibit pages.

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TABLE OF CONTENTS

PART I
Item 1. Business	2
Item 1A. Risk Factors	16
Item 1B. Unresolved Staff Comments	22
Item 1C. Cybersecurity	23
Item 2. Properties	24
Item 3. Legal Proceedings	24
Item 4. Mine Safety Disclosures	24
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	24
Item 6. Selected Financial Data	25
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A. Quantitative And Qualitative Disclosures About Market Risk	38
Item 8. Financial Statements and Supplementary Data	41
Item 9. Changes In And Disagreements With Accountants On Accounting And Financial Disclosure	9183
Item 9A. Controls and Procedures	9183
Item 9B. Other Information	9284
Part III
Item 10. Directors, Executives Officers And Corporate Governance	9284
Item 11. Executive Compensation	9284
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	9284
Item 13. Certain Relationships and Related Transactions, and Director Independence	9385
Item 14. Principal Accountant Fees and Services	9385
Part IV
Item 15. Exhibits, Financial Statements Schedules	9385

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PART I

Item 1.

Business

FORWARD LOOKING STATEMENTS

This report, and other statements that we may make, may contain forward-looking statements, which relate to future events or our future performance or financial condition. We use words such as “anticipates,” “believes,” “expects,” “plans,” “will,” “may,” “continues,” “seeks,” “likely,” “intends,” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Annual Report on Form 10-K involve risks and uncertainties, including forward-looking statements as to:

●

our future operating results,

●

our business prospects and the prospects of our prospective portfolio companies,

●

the impact of investments that we expect to make,

●

our contractual arrangements and relationships with third parties,

●

the dependence of our future success on the general economy and its impact on the industries in which we invest,

●

the ability of our prospective portfolio companies to achieve their objectives,

●

our expected financings and investments,

●

the adequacy of our cash resources and working capital, and

●

the timing of cash flows, if any, from the operations of our prospective portfolio companies.

Our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. In addition, several factors that could materially affect our actual results are the ability of the portfolio companies in which we invest to achieve their objectives; our ability to source favorable private investments; changes in the securities markets, especially the markets for technology companies including those that may be early stage or micro-cap companies; the dependence of our future success of the general economy and its impact on the industries in which we invest and other factors discussed in our periodic filings with the Securities and Exchange Commission (the “SEC”).

Unpredictable or unknown factors could also have material adverse effects on us. Since our actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, we cannot give any assurance that any of the events anticipated by the forward-looking statements will occur, or, if any of them do, what impact they will have on our results of operations and financial condition. All forward-looking statements included in this Annual Report on Form 10-K are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements or the risk factors contained in this Annual Report on Form 10-K, whether as a result of new information, future events or otherwise, except as may be required under the federal securities laws. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC.

GENERAL

Firsthand Technology Value Fund, Inc. (“we,” “us,” “our,” the “Company”, the “Fund,” or “SVVC”) is an externally managed, closed-end, non-diversified management investment company organized as a Maryland corporation that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70 percent of our total assets in “qualifying assets,” including securities of private or micro-cap public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments a RIC and will be taxed as a C corporation for tax purposes. Firsthand Capital Management, Inc. (the “Investment Adviser”, the “Adviser”, or “FCM”) serves as our investment adviser and manages the investment process on a daily basis.

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We were incorporated under the Maryland General Corporation Law in April 2010 and acquired our initial portfolio of securities through the reorganization (the “Reorganization”) into us of Firsthand Technology Value Fund (“TVF”), an open-end mutual fund and a series of Firsthand Funds, which is a Delaware statutory trust. The reorganization was completed on April 15, 2011 and we commenced operations on April 18, 2011.

Our investment objective is to seek long-term growth of capital, principally by seeking capital gains on our equity and equity-related investments. There can be no assurance that we will achieve our investment objective. Under normal circumstances, we invest at least 80 percent of our total assets for investment purposes in technology companies. We consider technology companies to be those companies that derive at least 50 percent of their revenues from products and/or services within the information technology sector and in the “cleantech” sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we invest at least 70 percent of our assets in privately held companies and public companies with market capitalizations less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of our capital base. We acquire our investments through direct investments in private companies, negotiations with selling shareholders, and in organized secondary marketplaces for private securities.

While our primary focus is to invest in illiquid private technology and cleantech companies, we may also invest in micro-cap publicly traded companies. In addition, we may invest up to 30% of the portfolio in opportunistic investments that do not constitute the private companies and micro-cap public companies described above. These other investments may include investments in securities of public companies that are actively traded. These other investments may also include investments in high-yield bonds, distressed debt, or securities of public companies that are actively traded; and securities of companies located outside of the United States. Our investment activities are managed by FCM.

Neither our investments nor an investment in us are intended to constitute a balanced investment program. We expect to be risk-seeking rather than risk-averse in our investment approach. There is no assurance that our investment objective will be achieved.

We invest a substantial portion of our assets in securities that we consider to be private venture capital equity investments. These private venture capital equity investments usually do not pay interest or dividends and usually are subject to legal or contractual restrictions on resale that may adversely affect the liquidity and marketability of such securities. We expect to make speculative venture capital investments with limited marketability and a greater risk of investment loss than less-speculative investments. We are not limited by the diversification requirements applicable to a regulated investment company (“RIC”), which means that we may commit all of our assets to only a few investments.

Subject to continuing to meet the compliance tests applicable to BDCs, there are no limitations on the types of securities or other assets in which we may invest. Investments may include the following:

●

Venture capital investments, whether in corporate, partnership, or other form, including development-stage or start-up entities;

●

Equity, equity-related securities (including options and warrants), and debt with equity features from either private or public issuers;

●

Debt obligations of all types having varying terms with respect to security or credit support, subordination, purchase price, interest payments, and maturity;

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●

Foreign securities;

●

Intellectual property or patents or research and development in technology or product development that may lead to patents or other marketable technology; and

●

Miscellaneous investments.

The table below provides a summary of our investments as of December 31, ~~2023~~2024.

INVESTMENT	BUSINESS DESCRIPTION	FAIR VALUE1
EQX Capital, Inc.	Equipment Leasing	$	~~110~~29,~~227~~466
Fidelity Investments Money Market Treasury Portfolio - Class I 2	Investment Company		73745,~~502~~224
Hera Systems, Inc.	Aerospace		4,200,000
IntraOp Medical Corp.	Medical Devices		25,287
IntraOp Medical Corp.	Medical Devices		87,713
Kyma, Inc.	Advanced Materials		100,000
Lyncean Technologies, Inc.	Semiconductor Equipment		0
Revasum, Inc. 2	Semiconductor Equipment		~~3,862,405~~0
UCT Coatings, Inc.	Advanced Materials		~~299~~260,~~932~~497
Wrightspeed, Inc.	Automotive		0

1 Fair value for our private company holdings was determined in good faith by our Board of Directors (the “Board” or “Board of Directors”) on December 31, 2023. For public companies, the figure represents the market value of our securities on December 31, 2023, less any discount due to resale restriction on the security.

¹	Fair value for our private company holdings was determined in good faith by our Board of Directors (the “Board” or “Board of Directors”) on December 31, 2024.
²	Public company.

2 Public company.

INVESTMENTS AND STRATEGIES

The following is a summary description of the types of assets in which we may invest, the investment strategies we may use, and the attendant risks associated with our investments and strategies.

VENTURE CAPITAL INVESTMENTS

We define venture capital as the money and resources made available to privately held start-up firms and privately held and publicly traded small businesses with exceptional growth potential. These businesses can range in stage from pre-revenue to generating positive cash flow. Most of our long-term venture capital investments are in thinly capitalized, unproven, small companies focused on commercializing risky technologies. These businesses also tend to lack management depth, have limited or no history of operations, and have not attained profitability. Because of the speculative nature of these investments, these securities have a significantly greater risk of loss than traditional investment securities. Some of our venture capital investments will never realize their potential, and some will be unprofitable or result in the complete loss of our investment.

We acquire our investments through direct investments in private companies, negotiations with selling shareholders, and in organized secondary marketplaces for private securities. Our current focus is on investing in late-stage private companies, particularly those with potential for near-term realizations by way of initial public offering (“IPO”) or acquisition.

In connection with our venture capital investments, we may participate in providing a variety of services to our portfolio companies, including the following:

●

Recruiting management,

●

Formulating operating strategies,

●

Formulating intellectual property strategies,

●

Assisting in financial planning,

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●

Providing management in the initial start-up stages, and

●

Establishing corporate goals.

We may assist in raising additional capital for these companies from other potential investors and may subordinate our own investment to that of other investors. We typically find it necessary or appropriate to provide additional capital of our own. We may introduce these companies to potential joint venture partners, suppliers, and customers. In addition, we may assist in establishing relationships with investment bankers and other professionals. We may also assist with mergers and acquisitions (“M&As”). We do not currently derive income from these companies for the performance of any of the above services.

We may control, be represented on, or have observer rights on the board of directors of a portfolio company through one or more of our officers or directors, who may also serve as officers of the portfolio company. We indemnify our officers and directors for serving on the board of directors or as officers of portfolio companies, which exposes us to additional risks. Particularly during the early stages of an investment, we may, in rare instances, in effect be conducting the operations of the portfolio company. Our goal is to assist each company in establishing its own independent capitalization, management, and board of directors. As a venture capital-backed company emerges from the developmental stage with greater management depth and experience, we expect that our role in the portfolio company’s operations will diminish.

EQUITY, EQUITY-RELATED SECURITIES AND DEBT WITH EQUITY FEATURES

We may invest in equity, equity-related securities, and debt with equity features. These securities include common stock, preferred stock, debt instruments convertible into common or preferred stock, limited partnership interests, other beneficial ownership interests and warrants, options, or other rights to acquire any of the foregoing.

We may make investments in companies with operating histories that are unprofitable or marginally profitable, that have negative net worth, or that are involved in bankruptcy or reorganization proceedings. These investments would involve businesses that management believes have potential through the infusion of additional capital and management assistance. In addition, we may make investments in connection with the acquisition or divestiture of companies or divisions of companies. There is a significantly greater risk of loss with these types of securities than is the case with traditional investment securities.

Warrants, options, and convertible or exchangeable securities generally give the investor the right to acquire specified equity securities of an issuer at a specified price during a specified period or on a specified date. Warrants and options fluctuate in value in relation to the value of the underlying security and the remaining life of the warrant or option, while convertible or exchangeable securities fluctuate in value both in relation to the intrinsic value of the security without the conversion or exchange feature and in relation to the value of the conversion or exchange feature, which is like a warrant or an option. When we invest in these securities, we incur the risk that the option feature will expire worthless, thereby either eliminating or diminishing the value of our investment.

Most of our current portfolio company investments are in the equity securities of private companies. Investments in equity securities of private companies often involve securities that are restricted as to sale and cannot be sold in the open market without registration under the Securities Act of 1933, as amended or pursuant to a specific exemption from these registrations. Opportunities for sale are more limited than in the case of marketable securities, although these investments may be purchased at more advantageous prices and may offer attractive investment opportunities. Even if one of our portfolio companies completes an IPO, we are typically subject to a lock-up agreement for 180 days, and the stock price may decline substantially before we are free to sell.

We may also invest in publicly traded securities of whatever nature, including relatively small, emerging growth companies that management believes have long-term growth potential. These investments may be through open-market transactions or through private investments in public equity (“PIPE transactions”). Securities purchased in PIPE transactions are typically subject to a lock-up agreement for 180 days, or are issued as unregistered securities that are not freely available for six months.

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Even if we have registration rights to make our investments in privately held and publicly traded companies more marketable, a considerable amount of time may elapse between a decision to sell or register the securities for sale and the time when we are able to sell the securities. The prices obtainable upon sale may be adversely affected by market conditions or negative conditions affecting the issuer during the intervening time. We may elect to hold formerly restricted securities after they have become freely marketable, either because they remain relatively illiquid or because we believe that they may appreciate in value, during which holding period they may decline in value and be especially volatile as unseasoned securities. If we need funds for investment or working capital purposes, we might need to sell marketable securities at disadvantageous times or prices.

DEBT OBLIGATIONS

We may hold debt securities, including in privately held and thinly traded public companies, for income and as a reserve pending more speculative investments. Debt obligations may include U.S. government and agency securities, commercial paper, bankers’ acceptances, receivables or other asset-based financing, notes, bonds, debentures, or other debt obligations of any nature and repurchase agreements related to these securities. These obligations may have varying terms with respect to security or credit support; subordination; purchase price; interest payments; and maturity from private, public, or governmental issuers of any type located anywhere in the world. We may invest in debt obligations of companies with operating histories that are unprofitable or marginally profitable, that have negative net worth or are involved in bankruptcy or reorganization proceedings, or that are start-up or development-stage entities. In addition, we may participate in the acquisition or divestiture of companies or divisions of companies through issuance or receipt of debt obligations. As of December 31, ~~2023~~2024, the debt obligations held in our portfolio consisted of convertible bridge notes and term notes. The convertible bridge notes generally do not generate cash payments to us, nor are they held for that purpose. Our convertible bridge notes and the interest accrued thereon are held for the purpose of potential conversion into equity at a future date. The term notes we hold are income generating.

Our investments in debt obligations may be of varying quality, including non-rated, unsecured, highly speculative debt investments with limited marketability. Investments in lower-rated and non-rated securities, commonly referred to as “junk bonds,” including our venture debt investments, are subject to special risks, including a greater risk of loss of principal and non-payment of interest. Generally, lower-rated securities offer a higher return potential than higher-rated securities, but involve greater volatility of price and greater risk of loss of income and principal, including the possibility of default or bankruptcy of the issuers of these securities. Lower-rated securities and comparable non-rated securities will likely have large uncertainties or major risk exposure to adverse conditions and are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The occurrence of adverse conditions and uncertainties to issuers of lower-rated securities would likely reduce the value of lower-rated securities held by us, with a commensurate effect on the value of our shares.

The markets in which lower-rated securities or comparable non-rated securities are traded generally are more limited than those in which higher-rated securities are traded. The existence of limited markets for these securities may restrict our ability to obtain accurate market quotations for the purposes of valuing lower-rated or non-rated securities and calculating net asset value or to sell securities at their fair value. Any economic downturn could adversely affect the ability of issuers’ lower-rated securities to repay principal and pay interest thereon. The market values of lower-rated and non-rated securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated securities. In addition, lower-rated securities and comparable non- rated securities generally present a higher degree of credit risk. Issuers of lower-rated securities and comparable non-rated securities are often highly leveraged and may not have more traditional methods of financing available to them, so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. The risk of loss owing to default by these issuers is significantly greater because lower-rated securities and comparable non-rated securities generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. We may incur additional expenses to the extent that we are required to seek recovery upon a default in the payment of principal or interest on our portfolio holdings.

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The market value of investments in debt securities that carry no equity participation usually reflects yields generally available on securities of similar quality and type at the time purchased. When interest rates decline, the market value of a debt portfolio already invested at higher yields can be expected to rise if the securities are protected against early call. Similarly, when interest rates increase, the market value of a debt portfolio already invested at lower yields can be expected to decline. Deterioration in credit quality also generally causes a decline in market value of the security, while an improvement in credit quality generally leads to increased value.

FOREIGN SECURITIES

We may make investments in securities of issuers whose principal operations are conducted outside the United States, and whose earnings and securities are stated in foreign currency. In order to maintain our status as a BDC, our investments in non-qualifying assets, including the securities of companies organized outside the U.S., would be limited to 30 percent of our assets.

Compared to otherwise comparable investments in securities of U.S. issuers, currency exchange risk of securities of foreign issuers is a significant variable. The value of these investments to us will vary with the relation of the currency in which they are denominated to the U.S. dollar, as well as with intrinsic elements of value such as credit risk, interest rates, and performance of the issuer. Investments in foreign securities also involve risks relating to economic and political developments, including nationalization, expropriation of assets, currency exchange freezes, and local recession. Securities of many foreign issuers are less liquid and more volatile than those of comparable U.S. issuers. Interest and dividend income and capital gains on our foreign securities may be subject to withholding and other taxes that may not be recoverable by us. We may seek to hedge all or part of the currency risk of our investments in foreign securities through the use of futures, options, and forward currency purchases or sales.

INTELLECTUAL PROPERTY

We believe there is a role for organizations that can assist in technology transfer. Scientists and institutions that develop and patent intellectual property perceive the need for and rewards of entrepreneurial commercialization of their inventions. Our form of investment may be:

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Funding research and development in the development of a technology,

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Obtaining licensing rights to intellectual property or patents,

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Acquiring intellectual property or patents, or

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Forming and funding companies or joint ventures to commercialize further intellectual property.

Income from our investments in intellectual property or its development may take the form of participation in licensing or royalty income, fee income, or some other form of remuneration. Investment in developmental intellectual property rights involves a high degree of risk that can result in the loss of our entire investment as well as additional risks, including uncertainties as to the valuation of an investment and potential difficulty in liquidating an investment. Further, investments in intellectual property generally require investor patience, as investment return may be realized only after or over a long period. At some point during the commercialization of a technology, our investment may be transformed into ownership of securities of a development-stage or start-up company, as discussed under “Venture Capital Investments” above.

REPURCHASE OF SHARES

Our shareholders do not have the right to compel us to redeem our shares. We may, however, purchase outstanding shares of our common stock from time to time, subject to approval of our Board of Directors and in compliance with applicable corporate and securities laws. The Board of Directors may authorize public open-market purchases or privately negotiated transactions from time to time when deemed to be in the best interest of our shareholders. Public purchases would be conducted only after notification to shareholders through a press release or other means. The Board of Directors may or may not decide to undertake any purchases of our common stock.

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Our repurchases of our common shares would decrease our total assets and would therefore likely have the effect of increasing our expense ratio. Subject to our investment restrictions, we may borrow money to finance the repurchase of our common stock in the open market pursuant to any tender offer. Interest on any borrowings to finance share repurchase transactions would reduce our net assets. If, because of market fluctuations or other reasons, the value of our assets falls below the required 1940 Act coverage requirements, we may have to reduce our borrowed debt to the extent necessary to comply with the requirement. To achieve a reduction, it is possible that we may be required to sell portfolio securities at inopportune times when it may be disadvantageous to do so.

PORTFOLIO COMPANY TURNOVER

Changes with respect to portfolio companies will be made as our management considers necessary in seeking to achieve our investment objective. The rate of portfolio turnover will not be treated as a limiting or relevant factor when circumstances exist that are considered by management to make portfolio changes advisable.

Although we expect that many of our investments will be relatively long term in nature, we may make changes in particular portfolio holdings whenever it is considered that an investment no longer has substantial growth potential or has reached its anticipated level of performance, or (especially when cash is not otherwise available) that another investment appears to have a relatively greater opportunity for capital appreciation. We may also make general portfolio changes to increase our cash to position us in a defensive posture. We may make portfolio changes without regard to the length of time we have held an investment, or whether a sale results in profit or loss, or whether a purchase results in the reacquisition of an investment that we may have only recently sold. Our investments in privately held companies are illiquid, which limits portfolio turnover. The portfolio turnover rate may vary greatly during a year as well as from year to year and may also be affected by cash requirements.

COMPETITION

We compete for investments with a number of BDCs and other investment funds (including private equity funds and venture capital funds), reverse merger and special purpose acquisition company (“SPACs”) sponsors, investment bankers that underwrite initial public offerings, hedge funds that invest in PIPEs, traditional financial services companies such as commercial banks, and other sources of financing. Many of these entities have greater financial and managerial resources than we do. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act will impose on us as a BDC. We believe we compete with these entities primarily on the basis of our willingness to make smaller, non-controlling investments, the experience and contacts of our investment professionals within our targeted industries, our responsive and efficient investment analysis and decision-making processes, and the investment terms that we offer. We do not seek to compete primarily on the deal terms we offer to potential portfolio companies. We use the industry information available to FCM to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we believe that the relationships of Kevin Landis (FCM’s President and Chief Investment Officer), and the other senior investment professionals FCM retains, enable us to learn about, and compete effectively for, financing opportunities with attractive companies in the industries in which we seek to invest. For additional information concerning the competitive risks we face, see “Risk Factors—Risks relating to our business and structure—We operate in a highly competitive market for investment opportunities.”

REGULATION

The Small Business Investment Incentive Act of 1980 added the provisions of the 1940 Act applicable only to BDCs. BDCs are a special type of investment company. After a company files its election to be treated as a BDC, it may not withdraw its election without first obtaining the approval of holders of a majority of its outstanding voting securities. The following is a brief description of the 1940 Act provisions applicable to BDCs, qualified in its entirety by reference to the full text of the 1940 Act and the rules issued thereunder by the Securities and Exchange Commission (“SEC”).

Generally, to be eligible to elect BDC status, a company must primarily engage in the business of furnishing capital and making significant managerial assistance available to companies that do not have ready access to capital through conventional financial channels. Such companies that satisfy certain additional criteria described below are termed “eligible portfolio companies.” In general, in order to qualify as a BDC, a company must: (i) be a domestic company; (ii) have registered a class of its securities pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) operate for the purpose of investing in the securities of certain types of portfolio companies, including early-stage or emerging companies and businesses suffering or just recovering from financial distress (see following paragraph); (iv) make available significant managerial assistance to such portfolio companies; and (v) file a proper notice of election with the SEC.

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An eligible portfolio company generally is a domestic company that is not an investment company or a company excluded from investment company status pursuant to exclusions for certain types of financial companies (such as brokerage firms, banks, insurance companies, and investment banking firms) and that: (i) has a fully diluted market capitalization of less than $250 million and has a class of equity securities listed on a national securities exchange, (ii) does not have a class of securities listed on a national securities exchange, or (iii) is controlled by the BDC by itself or together with others (control under the 1940 Act is presumed to exist where a person owns at least 25 percent of the outstanding voting securities of the portfolio company) and the BDC has a representative on the Board of Directors of such company.

We may be examined periodically by the SEC for compliance with the 1940 Act.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our directors must be persons who are not “interested persons”, as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our shareholders arising from willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such person’s office.

The 1940 Act provides that we may not make an investment in non-qualifying assets unless at the time at least 70 percent of the value of our total assets (measured as of the date of our most recently filed financial statements) consists of qualifying assets. Qualifying assets include: (i) securities of eligible portfolio companies; (ii) securities of certain companies that were eligible portfolio companies at the time we initially acquired their securities and in which we retain a substantial interest; (iii) securities of certain controlled companies; (iv) securities of certain bankrupt, insolvent, or distressed companies; (v) securities received in exchange for or distributed in or with respect to any of the foregoing; and (vi) cash items, U.S. government securities, and high quality short-term debt. The SEC has adopted a rule permitting a BDC to invest its cash in certain money market funds. The 1940 Act also places restrictions on the nature of the transactions in which, and the persons from whom, securities can be purchased in some instances in order for the securities to be considered qualifying assets.

We are permitted by the 1940 Act, under specified conditions, to issue multiple classes of debt and a single class of preferred stock if our asset coverage, as defined in the 1940 Act, is at least 200 percent after the issuance of the debt or the preferred stock (i.e., such senior securities may not be in excess of our net assets). Under specific conditions, we are also permitted by the 1940 Act to issue warrants.

Except under certain conditions, we may sell our securities at a price that is below the prevailing net asset value per share only during the 12-month period after (i) a majority of our directors and our disinterested directors have determined that such sale would be in the best interest of us and our stockholders, and (ii) the holders of a majority of our outstanding voting securities and the holders of a majority of our voting securities held by persons who are not affiliated persons of ours approve our ability to make such issuances. A majority of the disinterested directors must determine in good faith that the price of the securities being sold is not less than a price that closely approximates the market value of the securities, less any distribution discount or commission.

Certain transactions involving certain closely related persons of the Company, including its directors, officers, and employees, may require the prior approval of the SEC. However, the 1940 Act ordinarily does not restrict transactions between us and our portfolio companies.

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TAX STATUS

We are subject to corporate income tax under state and federal law, including under Subchapter C of the Code. This is the same tax status as applies to ordinary operating corporations with publicly traded stock.

INVESTMENT OPPORTUNITY

SVVC invests primarily in equity securities of private technology companies in the United States. We believe that the growth potential exhibited by private technology companies, including cleantech companies, creates an attractive investment environment for SVVC.

The last 20 years has been marked by dramatic changes in the initial public offering (“IPO”) market. Since the dot-com bubble burst in 2000, emerging technology companies have often chosen to stay private longer. The combination of volatile equity markets, increased regulatory requirements (such as the Sarbanes-Oxley Act of 2002), and a lack of investment research coverage has made it less attractive for companies to access the public markets through an IPO. We believe the result is an environment with more opportunities to invest in relatively mature private companies, either directly via primary investments or by purchasing shares in the growing secondary market.

At the same time we believe there are a number of powerful trends creating opportunities for innovative companies and investors alike. The dramatic growth of social networking, cloud computing, and powerful, connected mobile computing devices has enabled new ways of communicating, doing business, and accessing information anytime, anywhere. The Company was established to benefit from convergence of exciting technologies and the growth of private investment opportunities.

COMPETITIVE ADVANTAGES

We believe that we have the following competitive advantages over other capital providers in technology and cleantech companies:

MANAGEMENT EXPERTISE

Kevin Landis, our Chief Executive Officer and Chief Financial Officer, has principal management responsibility for Firsthand Capital Management, Inc. as its owner, President and Chief Investment Officer. Mr. Landis has more than 25 years of experience in technology sector investing, and he intends to dedicate a substantial portion of his time to managing the Company. Mr. Landis controls FCM and is a trustee of Firsthand Funds and a director of the Company.

DISCIPLINED INVESTMENT APPROACH

The Investment Adviser employs a disciplined approach in selecting investments. The Investment Adviser’s investment philosophy focuses on ensuring that our investments have an appropriate return profile relative to risk. When market conditions make it difficult for us to invest according to our criteria, the Investment Adviser intends to be highly selective in deploying our capital. We believe this approach enables us to build an attractive investment portfolio that meets our return and value criteria over the long term.

We believe it is critical to conduct extensive due diligence on investment targets. In evaluating new investments we, through the Investment Adviser, conduct a rigorous due diligence process that draws from the Investment Adviser’s investment experience, industry expertise, and network of contacts.

FOCUSING ON INVESTMENTS THAT CAN GENERATE POSITIVE RISK-ADJUSTED RETURNS

The Investment Adviser seeks to maximize the potential for capital appreciation. In making investment decisions the Investment Adviser seeks to pursue and invest in companies that meet several of the following criteria:

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outstanding technology,

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barriers to entry (i.e., patents and other intellectual property rights),

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experienced management team,

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established financial sponsors that have a history of creating value with portfolio companies,

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strong and competitive industry position, and

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viable exit strategy.

Assuming a potential investment meets most or all of our investment criteria, the Investment Adviser intends to be flexible in adopting transaction structures that address the needs of prospective portfolio companies and their owners. Our investment philosophy is focused on internal rates of return over the life of an investment. Given our investment criteria and due diligence process, we structure our investments so they correlate closely with the success of our portfolio companies.

ABILITY TO SOURCE AND EVALUATE TRANSACTIONS THROUGH THE INVESTMENT ADVISER’S RESEARCH CAPABILITY AND ESTABLISHED NETWORK

FCM’s investment management team has overseen investments in dozens of private companies across various industries while employed by FCM and its affiliates since 1994. We believe the expertise of the Investment Adviser’s management team enables FCM to identify, assess, and structure investments successfully across all levels of a company’s capital structure and to manage potential risk and return at all stages of the economic cycle.

We seek to identify potential investments both through active origination and through dialogue with numerous management teams, members of the financial community, and corporate partners with whom Mr. Landis has long-standing relationships. We believe that the team’s broad network of contacts within the investment, commercial banking, private equity and investment management communities in combination with their strong reputation in investment management, enables us to attract well-positioned prospective portfolio companies.

LONGER INVESTMENT HORIZON WITH ATTRACTIVE PUBLICLY TRADED MODEL

Unlike private equity and venture capital funds, we are not subject to standard periodic capital return requirements. Such requirements typically stipulate that funds raised by a private equity or venture capital fund, together with any capital gains on such invested funds, must be returned to investors after a pre-agreed time period. These provisions often force private equity and venture capital funds to seek returns on their investments through mergers, public equity offerings, or other liquidity events more quickly than they otherwise might, potentially resulting in both a lower overall return to investors and an adverse impact on their portfolio companies. While we are required to distribute substantially all realized gains, we believe that with our dividend reinvestment plan and our flexibility to make investments with a long-term view and without the capital return requirements of traditional private investment vehicles provide us with the opportunity to generate returns on invested capital and at the same time enable us to be a better long-term partner for our portfolio companies.

INVESTMENTS

FCM seeks to create a diversified portfolio of equity securities by making initial investments of approximately $1 million to $10 million of capital, on average, in the securities of micro-cap public and private companies.

Our portfolio consists primarily of equity securities of private companies and cash and we expect that our portfolio will continue to consist primarily of, equity positions in private companies and cash. These investments include holdings in several private technology and cleantech companies. Moreover, we may acquire investments in the secondary market and, in analyzing such investments, we will employ the same analytical process as we use for our primary investments. For description of our current investments, see “Portfolio Investments.”

We generally seek to invest in companies from the broad variety of industries in which the Investment Adviser has expertise. The following is a representative list of the industries in which we may elect to invest.

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Advanced Materials

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Advertising Technology

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Automotive

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Biofuels

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Cloud Computing

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Computer Hardware

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Computer Peripherals

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Computer Software

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Electronic Components

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Energy Efficiency

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Fuel Cells

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Medical Devices

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Mobile Computing

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Semiconductors

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Social Networking

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Solar Photovoltaics

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Solid-state Lighting

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Telecommunications

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Water Purification

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Wearable Technology

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Wind-Generated Electricity

We may invest in other industries if we are presented with attractive opportunities.

We may on a limited basis purchase or sell options on indexes or securities. We may engage in these transactions to manage risks or otherwise protect the value of the portfolio, and to use these strategies to a limited extent on an opportunistic basis.

INVESTMENT SELECTION

The Investment Adviser seeks to maximize the potential for capital appreciation.

PROSPECTIVE PORTFOLIO COMPANY CHARACTERISTICS

We have identified several criteria that we believe are important in identifying and investing in prospective portfolio companies. These criteria provide general guidelines for our investment decisions; however, we caution you that no single portfolio company (or prospective portfolio company) will meet all of these criteria. Generally, we use our experience and access to market information generated to identify investment candidates and to structure investments quickly and effectively.

Outstanding Technology

Our investment philosophy places a premium on identifying companies that have developed disruptive technologies, that is, technologies with the potential to dramatically alter the economics or performance of a particular type of product or service.

Barriers to Entry

We believe having defensible barriers to entry, in the form of patents or other intellectual property rights, is critically important in technology industries, in which change happens very rapidly. We seek out companies that have secured protection of key technologies through patents, trademarks, or other means.

Experienced management and established financial sponsor relationship

We generally require that our portfolio companies have an experienced management team. We also require the portfolio companies to have in place proper incentives to induce management to succeed and to act in concert with our interests as investors, including having significant equity interests. In addition, we focus our investments in companies backed by strong financial sponsors that have a history of creating value and with whom members of our investment adviser have an established relationship.

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Strong and defensible competitive market position in industry

We seek to invest in target companies that have developed leading market positions within their respective markets and are well positioned to capitalize on growth opportunities. We seek companies that demonstrate significant competitive advantages versus their competitors, which should help to protect their market position and profitability.

Viable exit strategy

We seek to invest in companies that we believe will provide a steady stream of cash flow to reinvest in their respective businesses. In addition, we also seek to invest in companies whose business models and expected future cash flows offer attractive exit possibilities. These companies include candidates for strategic acquisition by other industry participants and companies that may repay our investments through an initial public offering of common stock or another capital market transaction. In today’s market environment, we believe that a strategic sale is more likely than an IPO for many of our portfolio companies, although IPOs cannot be ruled out. We believe that an acquisition by a strategic buyer is possible at any time for any of our companies.

DUE DILIGENCE

We believe it is critical to conduct extensive due diligence on investment targets. In evaluating new investments, we, through the Investment Adviser, conduct a rigorous due diligence process that draws from the Investment Adviser’s investment experience, industry expertise, and network of contacts. The Investment Adviser conducts extensive due diligence investigations in their investment activities. In conducting due diligence, the Investment Adviser uses publicly available information as well as information from its relationships with former and current management teams, consultants, competitors, and investment bankers.

Our due diligence typically includes:

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review of historical and prospective financial information;

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review of technology, product, and business plan;

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on-site visits;

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interviews with management, employees, customers, and vendors of the potential portfolio company;

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background checks; and

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research relating to the company’s management, industry, markets, products and services, and competitors.

Upon the completion of due diligence, the Investment Adviser’s investment committee determines whether to pursue the potential investment. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys and accountants prior to the closing of the investment, as well as other outside consultants, experts, and/or advisers, as appropriate. To the extent unaffiliated, third-party consultants, experts, and/or advisers are used, we will be responsible for those expenses.

INVESTMENT STRUCTURE

Once we have determined that a prospective portfolio company is suitable for investment, we work with the management of that company and its other capital providers to structure an investment. We negotiate among these parties to agree on how our investment is expected to perform relative to the other capital in the portfolio company’s capital structure.

MANAGERIAL ASSISTANCE

As a BDC, we offer, and must provide upon request, managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies, and providing other organizational and financial guidance. We may receive fees for these services. FCM will provide such managerial assistance on our behalf to portfolio companies that request this assistance. For a description of relationships between us and our portfolio companies, please see “Portfolio Companies.”

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ONGOING RELATIONSHIPS WITH PORTFOLIO COMPANIES

Monitoring

FCM monitors our portfolio companies on an ongoing basis. Specifically, FCM monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company.

FCM has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

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Assessment of success in adhering to portfolio company’s technology development, business plan and compliance with covenants;

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Periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements, and accomplishments;

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Comparisons to other portfolio companies in the industry, if any;

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Attendance at and participation in board meetings; and

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Review of monthly and quarterly financial statements and financial projections for portfolio companies.

Valuation Process

The following is a description of the steps we take each quarter to determine the value of our portfolio. Investments for which market quotations are readily available are recorded in our financial statements at such market quotations. With respect to investments for which market quotations are not readily available, our Board of Directors undertakes a multi-step valuation process each quarter, as described below under “Determination of Net Asset Value.” Currently, our Board of Directors solicits valuation recommendations from a third-party valuation firm on a quarterly basis.

We expect that all of our portfolio investments will be recorded at fair value as determined under the valuation process discussed above. As a result, there will be uncertainty with respect to the value of our portfolio investments.

INVESTMENT MANAGEMENT AGREEMENT

MANAGEMENT SERVICES

FCM has entered into an Investment Management Agreement (the “Investment Management Agreement”) with us whereby FCM provides investment management services. Subject to the overall supervision of our Board of Directors, the Investment Adviser manages the day-to-day operations of, provides investment management services to, and serves as portfolio manager for us. Mr. Landis, FCM’s President and Chief Investment Officer, has been primarily responsible for our portfolio management since our inception. Under the terms of the Investment Management Agreement, FCM will:

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determine the composition of our portfolio, the nature and timing of the changes to our portfolio, and the manner of implementing such changes;

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identify, evaluate and negotiate the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and

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close and monitor the investments we make.

FCM’s services under the Investment Management Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired. FCM currently serves as investment manager to Firsthand Funds, a family of open-end mutual funds.

INVESTMENT MANAGEMENT FEE

Pursuant to the Investment Management Agreement, we pay FCM a fee for investment management services consisting of two components—a base management fee and an incentive fee.

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The base management fee will be calculated at an annual rate of 2.00% of our gross assets. For services rendered under the Investment Management Agreement, the base management fee will be payable quarterly in arrears. The base management fee will be calculated based on the average of (1) the value of our gross assets at the end of the current calendar quarter and (2) the value of our gross assets at the end of the preceding calendar quarter; and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be pro-rated. The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees.

Mathematically, the formula for computing the annual incentive fee can be written as:

For the purposes of calculating realized capital gains, the cost basis of each security acquired in the Reorganization shall be equal to the greater of the original purchase price of that security by Firsthand Funds or the fair market value of the security at the time of the Reorganization.

EXAMPLE INCENTIVE FEE CALCULATION

EXAMPLE: INCENTIVE FEE ON CAPITAL GAINS:

Assumptions

Year 1 = no net realized capital gains or losses
Year 2 = $50,000 realized capital gains and $20,000 realized capital losses and unrealized capital depreciation. Capital gain incentive fee = 20% x (realized capital gains for year computed net of all realized capital losses and unrealized capital depreciation at year end)

Calculation of Incentive Fee

	Year 1 incentive fee	= 20% x (0) = 0 (no incentive fee)
	Year 2 incentive fee	= 20% x ($50,000 - $20,000) - 0 = 20% x $30,000 = $6,000

AVAILABLE INFORMATION

Additional information about us, including quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge on our website at www.firsthandtvf.com. Information on our website is not part of this Annual Report on Form 10-K.

EMPLOYEES

We do not currently have any direct employees. Mr. Landis, our Chief Executive Officer, is the majority owner and Chief Investment Officer of the Investment Adviser. The Investment Adviser currently employs a staff of 65, including investment, legal, and administrative professionals.

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Item 1A.

Risk Factors

Investing in the Company involves a number of significant risks relating to our business and investment objective. As a result, there can be no assurance that we will achieve our investment objective.

RISKS RELATING TO OUR BUSINESS AND STRUCTURE

WE ARE DEPENDENT UPON FCM’S KEY PERSONNEL FOR OUR FUTURE SUCCESS.

If the Investment Adviser is unable to hire and retain qualified personnel, or if it loses any key member of its management team, our ability to achieve our investment objective could be significantly impaired.

We depend on the diligence, skill, and access to the network of business contacts of the management of FCM, including Mr. Landis, the owner, President and Chief Executive Officer of FCM. We also depend, to a significant extent, on FCM’s access to the investment information and deal flow generated by Mr. Landis and any other investment professionals of FCM. Mr. Landis and other management personnel of FCM evaluate, negotiate, structure, close, and monitor our investments. Our future success depends on the continued service of Mr. Landis and other management personnel of FCM. The resignation of FCM, or the departure of Mr. Landis or any other key managers hired by FCM could have a material adverse effect on our ability to achieve our investment objective. In addition, we can offer no assurance that FCM will remain the Investment Adviser.

THE INVESTMENT ADVISER AND ITS MANAGEMENT MANAGE OTHER FUNDS.

In addition to managing SVVC, FCM is also the investment adviser to two open-end mutual funds in the Firsthand Funds family: Firsthand Technology Opportunities Fund and Firsthand Alternative Energy Fund. Mr. Landis, who has primary responsibility for SVVC, also serves as portfolio manager of Firsthand Alternative Energy Fund and Firsthand Technology Opportunities Fund. This may reduce the time FCM and its investment management team have to devote to the affairs of SVVC. The other funds managed by FCM have stated investment objectives which differ from our own. Accordingly, there may be times when the interests of FCM’s management team differ from our interests.

THE INVESTMENT ADVISER MAY NOT BE ABLE TO ACHIEVE THE SAME OR SIMILAR RETURNS TO THOSE ACHIEVED BY ITS INVESTMENT PROFESSIONALS WHILE THEY WERE EMPLOYED AT PRIOR JOBS.

Although Mr. Landis has been a portfolio manager of a number of open-end mutual funds in the Firsthand Funds family, Mr. Landis’s track record and achievements are not necessarily indicative of future results that will be achieved by FCM on our behalf. FCM and its investment professionals’ skills and expertise may not be as well suited to our objectives, strategies and requirements as they are for certain other funds. FCM and many of its investment professionals are relatively inexperienced in managing closed end funds and our investment objectives, policies and regulatory limitations differ substantially from the other funds FCM and its investment professionals have managed. Similarly, while the research and operational professionals that support Mr. Landis in his management of Firsthand Funds are substantially the same individuals that will be supporting us, there is no assurance that they will be able to provide the same level of services to us as they did (or currently do) for Firsthand Funds.

OUR FINANCIAL CONDITION AND RESULTS OF OPERATION WILL DEPEND ON OUR ABILITY TO MANAGE FUTURE GROWTH EFFECTIVELY.

Our ability to achieve our investment objective will depend on our ability to grow, which will depend, in turn, on FCM’s ability to identify, invest in, and monitor companies that meet our investment criteria.

Accomplishing this result on a cost-effective basis will be largely a function of FCM’s structuring of the investment process, its ability to provide competent, attentive, and efficient services to us and our access to financing on acceptable terms. The management team of FCM will have substantial responsibilities under the Investment Management Agreement. In addition, the employees of FCM may also be called upon to provide managerial assistance to our portfolio companies as the principals of our administrator. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition, and results of operations.

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WE OPERATE IN A HIGHLY COMPETITIVE MARKET FOR INVESTMENT OPPORTUNITIES.

A number of entities will compete with us to make the types of investments that we plan to make. We will compete with other venture capital firms and venture capital funds, various public and private investment funds, including hedge funds, other BDCs, commercial and investment banks, commercial financing companies, and various technology and alternative energy companies’ internal venture capital arms. Many of our potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a stronger network of contacts and better connections for deal flows or have access to funding sources that are not available to us. In addition, some of our competitors have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act will impose on us as a BDC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective.

REGULATIONS GOVERNING OUR OPERATION AS A BUSINESS DEVELOPMENT COMPANY WILL AFFECT OUR ABILITY TO, AND THE WAY IN WHICH WE, RAISE ADDITIONAL CAPITAL.

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock at a price below the current net asset value of the common stock, or sell warrants, options, or rights to acquire such common stock, at a price below the current net asset value of the common stock if our Board of Directors determines that such sale is in the best interests SVVC, and our stockholders approve SVVC’s policy and practice of making such sales. Our stockholders have not approved a policy or practice of selling our common stock below our net asset value per share. However, our Board of Directors may ask our stockholders to vote on such a policy and practice at upcoming stockholders meetings. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our Board of Directors, closely approximates the market value of such securities (less any distributing commission or discount).

ANY FAILURE ON OUR PART TO MAINTAIN OUR STATUS AS A BUSINESS DEVELOPMENT COMPANY WOULD REDUCE OUR OPERATING FLEXIBILITY.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility and increase our cost of doing business. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us or expose us to claims of private litigants.

IF WE DO NOT INVEST A SUFFICIENT PORTION OF OUR ASSETS IN QUALIFYING ASSETS, WE COULD FAIL TO QUALIFY AS A BUSINESS DEVELOPMENT COMPANY OR BE PRECLUDED FROM INVESTING ACCORDING TO OUR CURRENT BUSINESS STRATEGY.

As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. See “Regulation” above.

We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition, and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to comply with the 1940 Act. If we need to dispose of such investments quickly, it would be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if we do find a buyer, we may have to sell the investments at a substantial loss.

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WE ARE A NON-DIVERSIFIED INVESTMENT COMPANY WITHIN THE MEANING OF THE 1940 ACT, AND THEREFORE WE ARE NOT LIMITED WITH RESPECT TO THE PROPORTION OF OUR ASSETS THAT MAY BE INVESTED IN SECURITIES OF A SINGLE ISSUER.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our income tax diversification requirements, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

WE WILL NEED TO RAISE ADDITIONAL CAPITAL TO GROW.

We will need additional capital to fund growth in our investments once we have fully invested the cash (and other liquid assets, if any) received, we may issue equity securities in order to obtain this additional capital. A reduction in the availability of new capital could limit our ability to grow or pursue business opportunities. During the years that we have elected and maintained our status as a RIC, we will be required to distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our stockholders to maintain our RIC status. As a result, if stockholders opt out of reinvesting those distributions back into SVVC, these earnings will not be available to fund new investments. If we fail to obtain additional capital to fund our investments, this could limit our ability to grow, which may have an adverse effect on the value of our securities.

MANY OF OUR PORTFOLIO INVESTMENTS WILL BE RECORDED AT FAIR VALUE AS DETERMINED IN GOOD FAITH BY OUR BOARD OF DIRECTORS. AS A RESULT, THERE WILL BE UNCERTAINTY AS TO THE VALUE OF OUR PORTFOLIO INVESTMENTS.

A large percentage of our portfolio investments will be in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We will value these securities quarterly at fair value according to our written valuation procedures and as determined in good faith by our Board of Directors. Our Board of Directors may use the services of a nationally recognized independent valuation firm to aid it in determining the fair value of these securities. The methods for valuing these securities may include: fundamental analysis (sales, income, or earnings multiples, etc.), discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

THE LACK OF LIQUIDITY IN OUR INVESTMENTS MAY ADVERSELY AFFECT OUR BUSINESS.

We primarily make investments in private companies. Substantially all of these securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company.

WE MAY EXPERIENCE FLUCTUATIONS IN OUR QUARTERLY RESULTS.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the performance of the portfolio securities we hold; the level of our expenses; variations in, and the timing of the recognition of, realized and unrealized gains or losses; the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

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THERE ARE SIGNIFICANT POTENTIAL CONFLICTS OF INTEREST THAT COULD IMPACT OUR INVESTMENT RETURNS.

Our executive officers and directors may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by affiliates of FCM that may be formed in the future. Accordingly, if this occurs, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.

In the course of our investing activities, we will pay investment management and incentive fees to FCM, and will reimburse FCM for certain expenses it incurs. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than an investor might achieve through direct investments. Accordingly, there may be times when the management team of FCM has interests that differ from those of our stockholders, giving rise to a conflict.

~~Several~~The members of our Board of Directors are also trustees of the Board of Trustees of Firsthand Funds. Of the five directors of the Company, Messrs. Landis, Burglin, and Lee all serve as both directors for the Company and trustees for Firsthand Funds. Messrs. Petredis and Yee are the only directors of the Company who are not also trustees of Firsthand Funds. We believe such a commonality of the board brings continuity of oversight and allows our Board to maintain the institutional knowledge and experience of overseeing illiquid securities and their pricing methods.

OUR INCENTIVE FEE MAY INDUCE FCM TO MAKE SPECULATIVE INVESTMENTS AND THESE FEES WILL, IN EFFECT, BE BORNE BY OUR COMMON STOCKHOLDERS.

The incentive fee payable by us to FCM may create an incentive for FCM to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The incentive fee payable to the Investment Adviser is calculated based on a percentage of our return on invested capital. This may encourage the Investment Adviser to invest in higher risk investments in the hope of securing higher returns.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, as well as other special purpose vehicles set up by third parties for investment in a particular private company. To the extent we so invest, we will bear our ratable share of any such investment company’s expenses, including management and incentive fees. We will also remain obligated to pay investment advisory fees, consisting of a base management fee and incentive fees, to FCM with respect to the assets invested in the securities and instruments of other investment companies under the Investment Management Agreement. With respect to any such investments, each of our stockholders will bear his or her share of the investment advisory fees of FCM as well as indirectly bearing the investment advisory fees and other expenses of any investment companies in which we invest.

CHANGES IN LAWS OR REGULATIONS GOVERNING OUR OPERATIONS MAY ADVERSELY AFFECT OUR BUSINESS.

We and our portfolio companies will be subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, may be changed from time to time. Accordingly, any change in these laws or regulations could materially and adversely affect our business.

PROVISIONS OF THE MARYLAND GENERAL CORPORATION LAW AND OF OUR CHARTER AND BYLAWS COULD DETER TAKEOVER ATTEMPTS AND HAVE AN ADVERSE IMPACT ON THE PRICE OF OUR COMMON STOCK.

The Maryland General Corporation Law, our charter, and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of the Company’s directors. We are subject to the Maryland Business Combination Act, the application of which is subject to any requirements of the 1940 Act. Our Board of Directors has adopted a resolution exempting from the Maryland Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our Board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our Board does not approve a business combination, the Maryland Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. We are also subject to the Maryland Control Share Acquisition Act. With certain exceptions, the Maryland General Corporation Law provides that a holder of “control shares” of a Maryland corporation acquired in a “control share acquisition” has no voting rights with respect to those shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding shares owned by the acquiring person or by our officers or by our directors who are our employees. The Maryland Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such an offer.

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We have also adopted other measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our Board of Directors in three classes serving staggered three-year terms and until their successors are duly elected and qualify, and provisions of our charter authorizing our Board of Directors (all without stockholder approval) to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, and to amend our charter to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer, or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

OUR BOARD OF DIRECTORS MAY CHANGE OUR INVESTMENT OBJECTIVE, OPERATING POLICIES, AND STRATEGIES WITHOUT PRIOR NOTICE OR STOCKHOLDER APPROVAL.

Our Board of Directors has the authority to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval (except as required by the 1940 Act). However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results, and value of our stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

RISKS RELATED TO OUR INVESTMENTS

OUR INVESTMENTS IN PROSPECTIVE PORTFOLIO COMPANIES MAY BE RISKY, AND YOU COULD LOSE ALL OR PART OF YOUR INVESTMENT.

Equity Investments. We make equity investments primarily in equity securities and equity derivatives (such as options, warrants, rights, etc.) of privately placed venture capital stage technology and alternative energy companies as well as publicly traded micro-cap companies (those with market capitalizations of less than $250 million). Our goal is ultimately to dispose of these equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value or lose all value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

In addition, investing in privately placed technology and clean tech companies involves a number of significant risks, including that private companies generally have limited operating history and are not as well capitalized as public companies. In addition, private company valuations may fluctuate more dramatically than those of public companies and they frequently have less diverse product lines and smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies.

WE MAY INVEST IN MICRO-CAP PUBLIC COMPANIES AND COMPANIES WE MAY HOPE WILL HAVE SUCCESSFUL INITIAL PUBLIC OFFERINGS.

Although micro-cap companies may have potential for rapid growth, they are subject to wider price fluctuations due to factors inherent in their size, such as lack of management experience and financial resources and limited trade volume and frequency. To make a large sale of securities of micro-cap companies that trade in limited volumes, SVVC may need to sell portfolio holdings at a discount or make a series of small sales over an extended period of time.

We have invested in, and we expect to continue to invest in, companies that we believe are likely to issue securities in initial public offerings (“IPOs”). Although there is a potential the pre-IPO securities that we buy may increase in value if the company does issue securities in an IPO, IPOs are risky and volatile and may cause the value of our securities to fall dramatically. Also, because securities of pre-IPO companies are generally not freely or publicly tradeable, we may not have access to purchase securities in these companies in the amounts or at the prices we desire. Securities issued by these privately-held companies have no trading history, and information about such companies may be available for very limited periods. The companies that we anticipate holding successful IPOs may not ever issues shares in an IPO and a liquid market for their securities may never develop, which may negatively affect the price at which we can sell any such securities and make it more difficult to sell such securities, which could also adversely affect our liquidity.

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WE EXPECT TO PURCHASE SECURITIES IN IPOS, WHICH INVOLVE SIGNIFICANT RISKS FOR US, AND WE MAY NOT BE ABLE TO PARTICIPATE IN OFFERINGS TO THE EXTENT DESIRED OR AT ALL.

Securities purchased in IPOs are often subject to the general risk associated with investments in companies with smaller market capitalizations, and typically to a heightened degree. Securities issued in IPOs have no trading history, and information about companies may be available for very limited periods. In addition, under certain market conditions, a relatively small number of companies may issue securities in IPOs. Our investment performance during periods when we are unable to invest significantly or at all in IPOs may be lower than during periods when we are able to do so.

IPO securities may be volatile, and we cannot predict whether investments in IPOs will be successful. If the Company grows in size, the possible positive effects of IPO investments on the Company may decrease.

WE HAVE NOT YET IDENTIFIED ALL OF THE PORTFOLIO COMPANY INVESTMENTS WE INTEND TO ACQUIRE.

The Investment Adviser will select our investments, and our stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our shares.

ECONOMIC RECESSIONS OR DOWNTURNS COULD IMPAIR OUR PORTFOLIO COMPANIES AND HARM OUR OPERATING RESULTS.

Many of our portfolio companies are susceptible to economic slowdowns or recessions and may fail or require additional capital investments from us during those periods. Therefore, our non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. These events could harm our operating results.

OUR FAILURE TO MAKE FOLLOW-ON INVESTMENTS IN OUR PORTFOLIO COMPANIES COULD IMPAIR THE VALUE OF OUR PORTFOLIO.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to:

●

increase or maintain in whole or in part our equity ownership percentage; or

●

exercise warrants, options, or convertible securities that were acquired in the original or subsequent financing.

We have the discretion to make any follow-on investments, subject to the availability of capital resources and the availability of securities in the applicable public company. We may elect not to make follow-on investments in a portfolio company and we may lack sufficient funds to make those investments. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status.

WE SOMETIMES DO NOT HOLD CONTROLLING EQUITY INTERESTS IN OUR PORTFOLIO COMPANIES AND WE MAY NOT BE IN A POSITION TO EXERCISE CONTROL OVER OUR PORTFOLIO COMPANIES OR TO PREVENT DECISIONS BY MANAGEMENT OF OUR PORTFOLIO COMPANIES THAT COULD DECREASE THE VALUE OF OUR INVESTMENTS.

Although we have held control and will continue to do so for some instruments, we do not anticipate always taking controlling equity positions in our portfolio companies. As a result, we will be subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the equity investments that we will typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

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AN INVESTMENT STRATEGY FOCUSED PRIMARILY ON PRIVATELY HELD COMPANIES PRESENTS CERTAIN CHALLENGES, INCLUDING THE LACK OF AVAILABLE INFORMATION ABOUT THESE COMPANIES, A DEPENDENCE ON THE TALENTS AND EFFORTS OF ONLY A FEW KEY PORTFOLIO COMPANY PERSONNEL, AND A GREATER VULNERABILITY TO ECONOMIC DOWNTURNS.

We invest primarily in privately held companies. Generally, little public information exists about these companies, and we will be required to rely on the ability of FCM’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and a smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies.

OUR PORTFOLIO COMPANIES MAY ISSUE ADDITIONAL SECURITIES OR INCUR DEBT THAT RANKS EQUAL OR SENIOR TO OUR INVESTMENTS IN SUCH COMPANIES.

We also invest primarily in equity securities issued by our portfolio companies. The portfolio companies may be permitted to issue additional securities or incur other debt that ranks equally with, or senior to, the equity securities in which we invest. By their terms, such other securities (especially if they are debt securities) may provide that the holders are entitled to receive payment of interest or principal before we are entitled to receive any distribution from the portfolio companies. Also, in the event of insolvency, liquidation, dissolution, reorganization, or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our equity investment in that portfolio company would typically be entitled to receive payment in full before equity investors like us may receive any distribution in respect of our investment. After repaying such senior creditors, the portfolio company may not have any remaining assets to distribute to us.

WE MAY PURCHASE OR SELL OPTIONS ON SECURITIES AND INDEXES, WHICH MAY EXPOSE US, AND YOUR INVESTMENT IN OUR COMMON STOCK, TO CERTAIN RISKS.

We may on a limited basis purchase or sell options on indexes or securities. The use of options has risks and our ability to successfully use these techniques depends on our ability to predict pertinent market movements, which cannot be assured. The use of options may result in losses greater than if they had not been used, may require us to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation we can realize on an investment or may cause us to hold a security we might otherwise sell.

OUR INVESTMENTS IN FOREIGN SECURITIES MAY INVOLVE SIGNIFICANT RISKS IN ADDITION TO THE RISKS INHERENT IN U.S. INVESTMENTS.

Our investment strategy involves potential investments in equity securities of foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations; political and social instability; expropriation; imposition of foreign taxes; less liquid markets and less available information than is generally the case in the United States; higher transaction costs; less government supervision of exchanges, brokers and issuers; less developed bankruptcy laws; difficulty in enforcing contractual obligations; lack of uniform accounting and auditing standards; and greater price volatility.

Although most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or, if we do, that such strategies will be effective.

Item 1B.

Unresolved Staff Comments

None.

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Item 1C.

Cybersecurity

Our Board of Directors (the “Board”) is responsible for overseeing our risk management program, and cybersecurity is a critical element of this program. Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. In general, the Adviser seeks to address material cybersecurity threats through a company-wide approach that addresses the confidentiality, integrity, and availability of the Adviser’s information systems or the information that the Adviser collects and stores, by assessing, identifying and managing cybersecurity issues as they occur.

Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. In general, the Adviser seeks to address material cybersecurity threats through a company-wide approach that addresses the confidentiality, integrity, and availability of the Adviser’s information systems or the information that the Adviser collects and stores, by assessing, identifying and managing cybersecurity issues as they occur.

Cybersecurity Risk Management and Strategy

The Adviser’s cybersecurity risk management strategy focuses on several areas:

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Identification and Reporting: The Adviser has implemented a comprehensive, cross-functional approach to assessing, identifying and managing material cybersecurity threats and incidents. The Adviser’s program includes controls and procedures to properly identify, classify and escalate certain cybersecurity incidents to provide management visibility and obtain direction from management as to the public disclosure and reporting of material incidents in a timely manner.

●

Technical Safeguards: The Adviser implements technical safeguards that are designed to protect the Adviser’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence, as well as assistance from third party experts where necessary.

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Incident Response and Recovery Planning: The Adviser has established and maintains comprehensive incident response, business continuity, and disaster recovery plans designed to address the Adviser’s response to a cybersecurity incident. The Adviser conducts occasional tabletop exercises to test these plans and ensure personnel are familiar with their roles in a response scenario.

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Third-Party Risk Management: The Adviser maintains a comprehensive, risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties, including vendors and service providers

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Education and Awareness: The Adviser provides periodic training for all levels of personnel regarding cybersecurity threats as a means to equip the Adviser’s personnel with effective tools to address cybersecurity threats, and to communicate the Adviser’s evolving information security policies, standards, processes, and practices.

The Adviser conducts periodic assessment and testing of its policies, standards, processes, and practices in a manner intended to address cybersecurity threats and eventsThe results of such assessments and reviews are evaluated by management and reported to the Board, and the Adviser adjusts its cybersecurity policies, standards, processes, and practices as necessary based on the information provided by these assessments and reviews.

Governance

The Board, in coordination with the Adviser, oversees the Company’s risk management program, including the management of cybersecurity threats. The Board receives regular updates and reports on developments in the cybersecurity space, including risk management practices, recent developments, vulnerability assessments, third-party and independent reviews, the threat environment, and information security issues encountered by the Company. The Board also receives prompt and timely information regarding any material cybersecurity risk, as well as ongoing updates regarding any such risk. On an annual basis, the Board and the Adviser discuss the Company’s approach to overseeing cybersecurity threats.

Material Effects of Cybersecurity Incidents

Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.

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Item 2.

Properties

Under the terms of the Investment Management Agreement, Firsthand Capital Management, Inc. is responsible for providing office space to the Company and for the costs associated with providing such space. Our offices are located at 150 Almaden Blvd., Suite 1250, San Jose, CA 95113.

Item 3.

Legal Proceedings

WeAs ~~are~~of ~~not~~12/31/2024, ~~currently~~there ~~subject~~were tono ~~any~~legal ~~material~~proceedings. ~~pending~~See ~~legal~~subsequent ~~proceedings~~event section for additional information.

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

MARKET INFORMATION

Our common stock is traded on the Nasdaq Global Market under the symbol “SVVC.” The following table sets forth the range of the high and low closing sales prices of the Company’s shares during each quarter during the last fiscal year, as reported by Nasdaq Global Market. The quarterly stock prices quoted represent interdealer quotations and do not include markups, markdowns, or commissions.

2023 Quarter Ending	Low		High
2024 Quarter Ending	Low		High
March 31	$	0.9221	$	10.1534
June 30	$	0.6107	$	0.9826
September 30	$	0.4204	$	0.6910
December 31	$	0.1805	$	0.4210

SHAREHOLDERS

As of February 2928, ~~2024~~2025, there were approximately ~~950~~900 shareholders of record and approximately 87,300 beneficial owners of the Company’s common stock.

DIVIDENDS

There were no distributions in ~~2023~~2024.

RECENT SALES OF UNREGISTERED SECURITIES

The Company did not issue any unregistered securities during the year ended December 31, ~~2023~~2024.

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PERFORMANCE GRAPH

The graph and table below compares the cumulative total return of holders of our common stock (market price) and of the Fund’s NAV with the cumulative total returns of the S&P 500 Index and the NASDAQ Composite Index. There is a difference between the market price of our common stock and the Fund’s NAV because the stock may trade at a discount or premium to the NAV in the secondary market. The comparison assumes that the value of the investment in our common stock (using both market price and NAV) and in the index (including reinvestment of dividends) was $10,000 on April 18, 2011 (our inception date), and tracks it through December 31, ~~2023~~2024.

We, however, do not believe either the S&P 500 Index or the NASDAQ Composite Index to be appropriate comparable indices of the Company’s benchmark results. The Company is a publicly traded venture capital fund that invests primarily in private and micro cap technology companies. The S&P 500 Index and the NASDAQ Composite Index are both indices of publicly traded large capitalization companies, with performance predominantly driven by the largest companies in the index. Nevertheless, we do not believe there is currently a widely accessible and generally accepted index that tracks publicly traded venture capital funds. When compared to the S&P 500 Index and the NASDAQ Composite Index, we have underperformed those broad market indices because equity securities of the private companies in our portfolio have not appreciated substantially during the recent bull market for publicly traded stocks.

STOCK TRANSFER AGENT

Computershare Investor Services, 462 South 4th Street, Suite 1600 Louisville, KY 40202 (1.800.331.1710) serves as our transfer agent.

Item 6.

Selected Financial Data

The information below was derived from the audited Consolidated Financial Statements included in this report. This information should be read in conjunction with those Consolidated Financial Statements and Supplementary Data and the notes thereto. These historical results are not necessarily indicative of the results to be expected in the future.

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Assets and Liabilities

	AS OF DECEMBER 31, 2023			AS OF DECEMBER 31, 2022
	AS OF DECEMBER 31, 2024			AS OF DECEMBER 31, 2023
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	1,~~173~~745,~~502~~224	*	$	1,~~772~~173,~~422~~502	*
Affiliated investments at acquisition cost		662,235			662,235
Controlled investments at acquisition cost		~~132~~114,~~131~~275,~~932~~039			~~140~~132,~~355~~131,~~353~~932
Total acquisition cost	$	~~133~~116,~~967~~682,~~669~~498		$	~~142~~133,~~790~~967,~~010~~669
Unaffiliated investments at market value	$	~~173~~745,~~502~~224	*	$	~~772~~173,~~422~~502	*
Affiliated investments at market value		~~299~~260,~~932~~497			~~337~~299,~~500~~932
Controlled investments at market value		854,~~260,345~~753			398,~~012~~260,~~002~~345
Total Market value** (Note 6)		8,733,779			40,121,924
Total Market value (Note 6)		1,060,474			8,733,779	**
Foreign currency at value (cost $2,629 and $3,235)		2,765			3,404
Foreign currency at value (cost $2,629 and $2,765)		2,512			2,765
Receivable from dividends and interest		8,161			14,463
Receivable for securities sold		325,000			-
Other assets		63,649			64,066
Receivable from dividends and interest		2,871			8,161
Total Assets		8,808,354			40,203,857
Other assets		404,756			63,649
LIABILITIES
Total Assets		1,795,613			8,808,354
Payable to affiliates (Note 4)		7,183,782			9,188,187
LIABILITIES
Trustees’ fees payable		13,891			50,000
Due to Custodian		127,478			-
Consulting fee payable		43,000			46,000
Payable to affiliates (Note 4)		27,587			7,183,782
Accrued expenses and other payables		307,310			310,079
Deferred directors’ fees payable (Note 2)		214,172			13,891
Total Liabilities		7,547,983			9,594,266
Consulting fee payable		-			43,000
NET ASSETS	$	1,260,371		$	30,609,591
Accrued taxes		139,154			-
Net Assets consist of:
Accrued expenses and other payables		226,543			307,310
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	6,893		$	6,893
Total Liabilities		734,934			7,547,983
Paid-in-capital		176,770,722			176,770,722
NET ASSETS	$	1,060,679		$	1,260,371
Total distributable earnings (loss)		(175,517,244	)		(146,168,024	)
Net Assets consist of:
NET ASSETS	$	1,260,371		$	30,609,591
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	6,893		$	6,893
Shares of Common Stock outstanding		7,016,432			7,016,432
Paid-in-capital		176,770,722			176,770,722
Shares of Treasury Stock outstanding		(123,376	)		(123,376	)
Total distributable earnings (loss)		(175,716,936	)		(175,517,244	)
Total Shares of Common Stock outstanding		6,893,056			6,893,056
NET ASSETS	$	1,060,679		$	1,260,371
Net asset value per share (Note 2)	$	0.18		$	4.44
Shares of Common Stock outstanding		7,016,432			7,016,432
Shares of Treasury Stock outstanding		(123,376	)		(123,376	)
Total Shares of Common Stock outstanding		6,893,056			6,893,056
Net asset value per share (Note 2)	$	0.15		$	0.18

* Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/2324 and 12/31/2223 were 54.2334% and 45.1323%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.

**	Includes warrants whose primary risk exposure is equity contracts.

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Operations

	FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021
	FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022
INVESTMENT INCOME
INVESTMENT INCOME (LOSS)
Unaffiliated dividends		—			—		$	171,613
Unaffiliated interest	$	29,836		$	37,275		$	3,318
Unaffiliated interest	$	37,275		$	3,318			30,906
Affiliated/controlled interest		80,000			85,356			(10,015,197	)
Affiliated/controlled interest		85,356			(10,015,197	)		6,116,176
Foreign tax withholding		-			-			3,457
Foreign tax withholding		—			3,457			—
TOTAL INVESTMENT INCOME (LOSS)		109,836			122,631			(10,008,422	)
TOTAL INVESTMENT INCOME		122,631			(10,008,422	)		6,318,695
EXPENSES
EXPENSES
Investment advisory fees (Note 4)		88,487			455,559			1,366,496
Investment advisory fees (Note 4)		455,559			1,366,496			2,220,811
Administration fees		115,001			116,785			118,009
Administration fees		116,785			118,009			122,177
Custody fees		4,464			8,743			17,338
Custody fees		8,743			17,338			24,661
Transfer agent fees		26,629			33,296			38,054
Transfer agent fees		33,296			38,054			39,737
Registration and filing fees		4,782			35,300			33,800
Registration and filing fees		35,300			33,800			32,700
Professional fees		454,285			398,882			397,138
Professional fees		398,882			397,138			367,471
Printing fees		2,000			299,958			60,853
Printing fees		299,958			60,853			80,307
Directors’ fees		50,000			68,750			200,000
Trustees fees		43,841			200,000			200,000
Deferred Directors' fees (Note 2)		200,281			(24,909	)		-
Compliance fees		~~110~~112,~~336~~844			~~118~~110,~~777~~336			~~120~~118,~~487~~777
Miscellaneous fees		81124,~~068~~974			8881,~~580~~068			4688,~~907~~580
TOTAL GROSS EXPENSES		1,~~583~~183,~~768~~747			21,~~439~~583,~~045~~768			32,~~255~~439,~~258~~045
Less waiver and/or reimbursement (Note 4)		(23,~~542~~088,~~716~~487	)		—(2,542,716	)		—-
TOTAL NET EXPENSES		(~~958~~1,~~948~~904,740	)		2(958,~~439,045~~948	)		32,~~255~~439,~~258~~045
NET INVESTMENT INCOME/(LOSS), BEFORE TAXES		12,~~081~~014,~~579~~576			~~(12~~1,~~447~~081,~~467~~579	)		3(12,~~063~~447,~~437~~467	)
Net Realized and Unrealized Gain (Loss) on Investments:
Tax Expense		139,154			-			-
Net realized gains (losses) from security transactions on:
Net Investment Income, net of taxes		1,875,422			1,081,579			(12,447,467	)
Affiliated/controlled		(7,864,998	)		(3,131,579	)		11,753,038
Net Realized and Unrealized Gain (Loss) on Investments:
Foreign currency		16			1,914			27
Net realized gains (losses) from security transactions on:
Net realized gains (losses), net of deferred taxes		(7,864,982	)		(3,129,665	)		11,753,065
Affiliated/controlled		(11,686,668	)		(7,864,998	)		(3,131,579	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency		-			16			1,914
Non-affiliated investments		—			(280,160	)		(551,274	)
Net realized gains (losses)		(11,686,668	)		(7,864,982	)		(3,129,665	)
Affiliated/controlled investments and foreign currency		(21,615,371	)		(48,442,656	)		(21,673,270	)
Net change in unrealized appreciation (depreciation) on:
Affiliated/controlled warrants investments (1)		(950,446	)		154,915			20,298
Non-affiliated investments		-			-			(280,160	)
Net change in unrealized (depreciation), net of deferred taxes		(22,565,817	)		(48,567,901	)		(22,204,246	)
Affiliated/controlled investments and foreign currency		9,611,554			(21,615,371	)		(48,442,656	)
Net Realized and Unrealized (Loss) on Investments, Net of Deferred Taxes		(30,430,799	)		(51,697,566	)		(10,451,181	)
Affiliated/controlled warrants investments (1)		-			(950,446	)		154,915
Net Decrease In Net Assets Resulting From Operations, Net of Deferred Taxes	$	(29,349,220	)	$	(64,145,033	)		(7,387,744	)
Net change in unrealized appreciation (depreciation)		9,611,554			(22,565,817	)		(48,567,901	)
Net Decrease In Net Assets Per Share Resulting From Operations (2)	$	(4.26	)	$	(9.31	)	$	(1.07	)
Net Realized and Unrealized (Loss) on Investments		(2,075,114	)		(30,430,799	)		(51,697,566	)
Net Decrease In Net Assets Resulting From Operations	$	(199,692	)	$	(29,349,220	)	$	(64,145,033	)
Net Decrease In Net Assets Per Share Resulting From Operations (2)	$	(0.03	)	$	(4.26	)	$	(9.31	)

(1) Primary exposure is equity risk.

(1)	Primary exposure is equity risk.
(2)	Per share results are calculated based on weighted average shares outstanding for each period.

(2) Per share results are calculated based on weighted average shares outstanding for each period.

See accompanying notes to financial statements

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Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our ~~2023~~ 2024 Consolidated Financial Statements and notes thereto.

OVERVIEW

We are an externally managed, closed-end, non-diversified management investment company organized as a Maryland corporation that has elected to be treated as a BDC under the 1940 Act. As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or micro-cap public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for tax purposes we have elected to be treated as a RIC under Subchapter M of the Code. FCM serves as our investment adviser and manages the investment process on a daily basis.

Our investment objective is to seek long-term growth of capital, principally by seeking capital gains on our equity and equity-related investments. There can be no assurance that we will achieve our investment objective. Under normal circumstances, we invest at least 80% of our net assets for investment purposes in technology companies. We consider technology companies to be those companies that derive at least 50% of their revenues from products and/or services within the information technology sector or in the “cleantech” sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we invest at least 70% of our total assets in privately held companies and public companies with market capitalizations of less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of our capital base. We acquire our investments through direct investments in private companies, negotiations with selling shareholders, and in organized secondary marketplaces for private securities.

While our primary focus is to invest in illiquid private technology and cleantech companies, we also may invest in micro-cap publicly traded companies. In addition, we may invest up to 30 percent of the portfolio in opportunistic investments that do not constitute the private companies and micro-cap public companies described above. These other investments may include investments in securities of public companies that are actively traded or in actively traded derivative securities such as options on securities or security indices. These other investments may also include investments in high-yield bonds, distressed debt, or securities of public companies that are actively traded and securities of companies located outside of the United States. Our investment activities are managed by FCM.

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The following table summarizes the fair value of our investment portfolio by industry sector as of December 31, ~~2023~~ 2024 and December 31, ~~2022~~2023.

	December 31, 2023			December 31, 2022
	December 31, 2024			December 31, 2023
Medical Devices		72.04	%		557.90	%
Automotive		0.0	%		290.0	%
Aerospace		~~333~~0.20	%		25333.82	%
Semiconductor Equipment		~~306~~0.60	%		11306.5	%
Equipment Leasing		82.8	%		28.98	%
Intellectual Property		0.0			2.4	%
Advanced Materials		24.5	%		31.7	%
Advanced Materials		31.8	%		1.4	%
Exchange-Traded/Money Market Funds		70.3	%		5.8	%
Exchange-Traded/Money Market Funds		3.8	%		2.2	%
(Liabilities)/Other Assets		0.0	%		(593.0	%)
(Liabilities)/Other Assets		(593.0	%)		(31.1	%)
Net Assets		100.0	%		100.0	%

Certain trends in the technology industry may have an impact on the portfolio in coming quarters. In particular, the semiconductor industry, which has historically been a highly cyclical industry, has enjoyed a period of strong growth over the past several years. Given the substantial weighting of semiconductor investments in the current portfolio, the Fund will be sensitive to changes in this industry. Fund performance may also be impacted by the speed of adoption of certain new technologies, including, but not limited to: ~~electron~~elect3ron radiation for cancer treatment, X-ray inspection of electronic components, and small form factor satellites.

MATURITY OF PRIVATE COMPANIES IN THE CURRENT PORTFOLIO

The Fund invests in private companies at various stages of maturity. As our portfolio companies mature, they move from the “early (development) stage” to the “middle (revenue) stage” and then to the “late stage.” We expect that this continuous progression may create a pipeline of potential exit opportunities through initial public offerings (IPOs) or acquisitions. Of course, some companies do not progress.

The illustration below describes typical characteristics of companies at each stage of maturity and where we believe our current portfolio companies fit within these categories. We expect some of our portfolio companies to transition between stages of maturity over time. The transition may be forward if the company is maturing and is successfully executing its business plan or may be backward if the company is not successfully executing its business plan or decides to change its business plan substantially from its original plan.

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EARLY STAGE MIDDLE STAGE LATE STAGE Developing product or service for market, high level of research and development, little or no revenue. Established product, customers, business model; limited revenues. Appreciable revenue; may be break-even or profitable; IPO or acquisition candidate.

RESULTS OF OPERATIONS

The following information is a comparison for the year ended December 31, ~~2023~~2024, December 31, ~~2022~~2023, and December 31, ~~2021~~2022.

INVESTMENT INCOME

For the year ended December 31, ~~2023~~2024, we had investment income of $~~122~~109,~~631~~836 primarily attributable to an interest on convertible/term note investments with Hera.

For the year ended December 31, 2023, we had investment income of $122,631 primarily attributable to interest on convertible/term note investments with Hera.

For the year ended December 31, 2022, we had investment income of $(10,008,422) primarily attributable to an interest adjustment on convertible/term note investments with IntraOp Medical Corp and Wrightspeed.

~~For~~The lower level of investment income in the year ended December 31, ~~2021,~~2024 wecompared ~~had~~to ~~investment~~the ~~income~~year ofended $6December 31,~~318,695~~ ~~primarily~~2023 ~~attributable~~was due to interest accrued on ~~convertible/term note investments with IntraOp Medical Corp,~~ Hera~~, and Wrightspeed~~.

The higher level of investment income in the year ended December 31, 2023 compared to the year ended December 31, 2022 was due to an interest adjustment on notes issued by IntraOp and Wrightspeed in 2022.

The lower level of investment income in the year ended December 31, 2022 compared to the year ended December 31, 2021 was due to an interest adjustment on notes issued by IntraOp and Wrightspeed.

OPERATING EXPENSES

Operating expenses totaled approximately $1,~~583~~322,~~768~~901 during the year ended December 31, ~~2023~~2024, $21,~~439~~583,~~045~~768 during the year ended December 31, ~~2022~~2023, , and $32,~~255~~439,~~258~~045 during the year ended December 31, ~~2021~~2022.

Significant components of operating expenses for the year ended December 31, 2024, were professional fees (audit, legal, accounting, and consulting) of $454,285, and directors’ fees of $300,281.

Significant components of operating expenses for the year ended December 31, 2023, were a management fee expense of $455,559, and professional fees (audit, legal, accounting, and consulting) of $398,882.

Significant components of operating expenses for the year ended December 31, 2022, were a management fee expense of $1,366,496 and professional fees (audit, legal, accounting, and consulting) of $397,138. Significant components of operating expenses for the year ended December 31, 2021, were a management fee expense of $2,220,811 and professional fees (audit, legal, accounting, and consulting) of $367,471.

The lower level of operating expenses for the year ended December 31, 2024 compared to the year ended December 31, 2023 is primarily attributable to a decrease in total net assets, on which the investment advisory fees are based.

The lower level of operating expenses for the year ended December 31, 2023 compared to the year ended December 31, 2022 is primarily attributable to a decrease in our total net assets, on which the investment advisory fees are based.

The lower level of operating expenses for the year ended December 31, 2022 compared to the year ended December 31, 2021 is primarily attributable to a decrease in total net assets, on which the investment advisory fees are based.

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NET INVESTMENT ~~GAIN/~~INCOME(LOSS)

The net investment ~~gain~~income/(loss) ~~before taxes~~ was $1,~~081~~875,~~579~~422 for the year ended December 31, ~~2023~~2024, $~~(12~~1,~~447~~081,~~467)~~579 for the year ended December 31, ~~2022~~2023, and $3(12,~~063~~447,~~437~~467) for the year ended December 31, ~~2021~~2022.

The greater net investment ~~gain~~income before taxes in the year ended December 31, ~~2023~~2024 compared to the year ended December 31, ~~2022~~2023 is primarily attributable to a waiver of investment advisory fees (see Note 4).

The greater net investment ~~gain~~income before taxes in the year ended December 31, ~~2022~~2023 compared to the year ended December 31, ~~2021~~2022 is primarily attributable to ana ~~interest~~waiver ~~adjustment~~of ininvestment ~~convertible~~advisory ~~notes~~fees ~~with~~(see ~~IntraOp~~Note ~~Medical and Wrightspeed on which we accrue income~~4).

NET INVESTMENT REALIZED GAINS AND LOSSES AND UNREALIZED APPRECIATION AND DEPRECIATION

A summary of the net realized and unrealized gains and losses on investments for the years ended December 31, ~~2023~~2024, December 31, ~~2022~~2023, and December 31, ~~2021~~2022, is shown below.

	Year Ended December 31, 2024
Realized losses	$	(11,686,668	)
Net change in unrealized depreciation on investments	$	9,611,554
Net realized and unrealized loss on investments	$	(2,075,114	)

	As of December 31, 2024
Gross unrealized appreciation on portfolio investments	$	0
Gross unrealized depreciation on portfolio investments	$	(115,622,024	)
Net unrealized depreciation on portfolio investments, warrants, and other assets	$	(115,622,024	)

	Year Ended December 31, 2023
Realized losses	$	(7,864,982	)
Net change in unrealized depreciation on investments	$	(22,565,817	)
Net realized and unrealized loss on investments	$	(30,430,799	)

	As of December 31, 2023
Gross unrealized appreciation on portfolio investments	$	0
Gross unrealized depreciation on portfolio investments	$	(125,233,890	)
Net unrealized depreciation on portfolio investments, warrants, and other assets	$	(125,233,890	)

	Year Ended December 31, 2022
Realized losses	$	(3,129,665	)
Net change in unrealized depreciation on investments	$	(48,567,901	)
Net realized and unrealized loss on investments	$	(51,697,566	)

	As of December 31, 2022
Gross unrealized appreciation on portfolio investments	$	957,122
Gross unrealized depreciation on portfolio investments	$	(103,625,209	)
Net unrealized depreciation on portfolio investments, warrants, and other assets	$	(102,668,087	)

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	Year Ended December 31, 2021
		Year Ended December 31, 2022
Realized gains	$	~~11,753,065~~$	(3,129,665	)
Net change in unrealized depreciation on investments	$	~~(22,204,246~~$	)(48,567,901	)
Net realized and unrealized loss on investments	$	~~(10,451,181~~$	)(51,697,566	)

	As of December 31, 2021
		As of December 31, 2022
Gross unrealized appreciation on portfolio investments	$	~~18,046,155~~$	957,122
Gross unrealized depreciation on portfolio investments	$	~~(72,146,172~~$	)(103,625,209	)
Net unrealized depreciation on portfolio investments, warrants, and other assets	$	~~(54,100,017~~$	)(102,668,087	)

During the year ended December 31, 2024, we recognized net realized losses of approximately $11,686,668 from the sale of investments. Realized losses were higher compared to the Fund's realized losses in 2023 due to the sale of investments, primarily Hera Systems, in 2024.

During the year ended December 31, 2024, net unrealized depreciation on total investments decreased by $9,611,554. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by our Board of Directors. The decline in unrealized depreciation on total investments during the year is due primarily to the the liquidation of our investment in Hera Systems in 2024.

During the year ended December 31, 2023, we recognized net realized losses of approximately $7,864,982 from the sale of investments. Realized losses were higher compared to the Fund’s realized gains in 2022 due to the sale of investments, primarily SiGen in 2023.

During the year ended December 31, 2023, net unrealized depreciation on total investments increased by $22,565,817. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by our Board of Directors. The increase in unrealized depreciation on total investments during the year is due primarily to the decrease in value of our investments, most notably, IntraOp Medical, and Wrightspeed.

During the year ended December 31, 2022, we recognized net realized losses of approximately $3,129,665 from the sale of investments. Realized losses were higher compared to the Fund’s realized gains in 2021 due to the sale of investments, primarily Pivotal in 2022.

During the year ended December 31, 2022, net unrealized depreciation on total investments increased by $48,567,901. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by our Board of Directors. The increase in unrealized depreciation on total investments during the year is due primarily to the decrease in value of our investments, most notably, IntraOp Medical, Wrightspeed and Revasum.

During the year ended December 31, 2021, we recognized net realized gains of approximately $11,753,065 from the sale of investments. Realized gains were higher compared to the Fund’s realized losses in 2020 due to the sale of investments, primarily Pivotal in 2021.

During the year ended December 31, 2021, net unrealized depreciation on total investments increased by $22,204,246. The change in net unrealized appreciation and depreciation of our private investments is based on portfolio asset valuations determined in good faith by our Board of Directors. The increase in unrealized depreciation on total investments during the year is due primarily to the decrease in value of our investments, most notably, IntraOp Medical, Wrightspeed and SVXR.

INCOME AND EXCISE TAXES

Beginning on June 30, 2018, we were no longer able to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). This change in tax status resulted from the increase in the value of a single holding, Pivotal Systems Corp., which meant that we were no longer able to satisfy the diversification requirements for qualification as a RIC. As a result of this change, we will be taxed as a corporation for our fiscal year ended December 31, 2018, and will continue to be taxed in that manner for future fiscal years, paying federal and applicable state corporate taxes on our taxable income, unless and until we are able to once again qualify as a RIC, based on changes in the composition of our portfolio. Consequently, at the close of each fiscal quarter beginning with the quarter ended June 30, 2018, we will record a deferred tax liability for any net realized gains and net ordinary income for the year-to-date period plus net unrealized gains as of the end of the quarter.

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NET INCREASE/(DECREASE) IN ASSETS RESULTING FROM OPERATIONS AND CHANGE IN NET ASSETS PER SHARE

For the year ended December 31, 2024, the net decrease in net assets resulting from operations (net of deferred taxes) totaled $199,692 and the basic and fully diluted net change in net assets per share for the year ended December 31, 2024 was $(0.03).

For the year ended December 31, 2023, the net decrease in net assets resulting from operations (net of deferred taxes) totaled $29,349,220 and the basic and fully diluted net change in net assets per share for the year ended December 31, 2023 was $(4.26).

For the year ended December 31, 2022, the net decrease in net assets resulting from operations (net of deferred taxes) totaled $64,145,033 and the basic and fully diluted net change in net assets per share for the year ended December 31, 2022 was $(9.31).

~~For~~The ~~the~~smaller ~~year ended December 31, 2021, the net~~ decrease in net assets resulting from operations (net of deferred taxes) ~~totaled~~for $7the year ended December 31,~~387,744~~ ~~and~~2024 as compared to the ~~basic~~year ~~and~~ended ~~fully~~December ~~diluted~~31, ~~net~~2023, ~~change~~is indue ~~net~~primarily ~~assets~~to ~~per~~a ~~share~~smaller ~~for~~decrease in the ~~year~~asset ~~ended~~valuations ~~December~~of 31our holdings, ~~2020~~which ~~was~~are ~~$(1~~determined in good faith by our Board of Directors.~~07).~~

The ~~greater~~smaller decrease in net assets resulting from operations (net of deferred taxes) for the year ended December 31, 2023 as compared to the year ended December 31, 2022, is due primarily to a ~~greater~~smaller decrease in the asset valuations of our holdings, which are determined in good faith by our Board of Directors.

The greater decrease in net assets resulting from operations (net of deferred taxes) for the year ended December 31, 2022 as compared to the year ended December 31, 2021, is due primarily to a greater decrease in the asset valuations of our holdings, which are determined in good faith by our Board of Directors.

The lesser decrease in net assets resulting from operations (net of deferred taxes) for the year ended December 31, 2021 as compared to the year ended December 31, 2020, is due primarily to a greater increase in realized gains from investments, most notably Pivotal Systems.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are generated primarily from sales or liquidation proceeds of our investments. Our Inprimary ~~management’s~~uses ~~view~~of cash are to make investments, wepay ~~have~~our ~~sufficient~~operating ~~liquidity~~expenses, and ~~capital~~make ~~resources~~distributions to ~~pay~~ our ~~operating~~stockholders. ~~expenses~~For the years ended December 31, 2024, 2023, and ~~conduct~~2022, ~~investment~~our ~~activities~~operating ~~over~~expenses ~~the~~were ~~next~~$1,322,901, ~~twelve~~$1,583,768, ~~months~~and $2,439,045, respectively.

~~Our~~For ~~primary~~the ~~uses~~year ofended ~~cash~~December ~~are~~31, ~~to make investments~~2024, ~~pay~~ our ~~operating~~total ~~expenses,~~cash reserves and ~~make~~liquid ~~distributions~~securities todecreased ~~our~~approximately ~~stockholders.~~80%, ~~For~~primarily ~~the~~due ~~years~~to ~~ended~~the ~~December~~sale ~~31,~~of ~~2023,~~portfolio ~~2022,~~securities and ~~2021,~~operating expenses. We believe that our ~~operating~~current ~~expenses~~liquid ~~were~~assets ~~$1,583,768,~~are ~~$2,439,045,~~sufficient ~~and~~to ~~$3,255,258,~~meet ~~respectively~~the Company’s short-term financing needs.

For the year ended December 31, 2023, our total cash reserves and liquid securities decreased approximately 88%, primarily due to the purchase of portfolio securities. We believe that our current liquid assets are sufficient to meet the Company’s short-term financing needs.

~~During~~At ~~the year ended~~ December 31, ~~2022~~2024, ~~cash~~we had investments in public and ~~cash~~private ~~equivalents~~securities ~~decreased~~totaling toapproximately $730.3 million. Also,~~502~~ at ~~the~~December ~~end~~31, of2024, ~~the~~we ~~year,~~had ~~from~~approximately $~~616,064~~0.7 million atin ~~the~~cash. ~~beginning~~We ofprimarily ~~the~~invest ~~year.~~cash ~~The~~on ~~decrease~~ hand in ~~cash~~money ~~and~~market ~~cash~~treasury ~~equivalents~~portfolios. ~~primarily~~We ~~resulted~~expect ~~from~~ the ~~sale~~portion of our portfolio ~~investments~~consisting inof ~~2023~~cash and cash equivalents to decrease as we become fully invested.

AtAs of December 31, ~~2023~~2024, wenet ~~had~~assets ~~investments~~totaled inapproximately ~~public~~$1.1 ~~and~~million, ~~private~~with ~~securities~~an ~~totaling~~NAV ~~approximately~~per share of $80.~~7 million~~15. ~~Also,~~Our atprimary ~~December~~use ~~31,~~of ~~2023,~~funds wewill ~~had~~be ~~approximately~~investments ~~$0.1 million~~ in ~~cash.~~portfolio Wecompanies ~~primarily~~and ~~invest~~payments ~~cash~~of onfees ~~hand~~and inother ~~money~~operating ~~market~~expenses ~~treasury~~we ~~portfolios~~incur. WeAdditionally, we expect ~~the~~to ~~portion~~raise ofadditional capital to support our ~~portfolio~~future ~~consisting~~growth ofthrough ~~cash~~future ~~and~~equity ~~cash~~offerings. ~~equivalents~~To the extent we determine to ~~decrease~~raise asadditional weequity ~~become~~through ~~fully~~an ~~invested~~offering of our common stock at a price below NAV, existing investors will experience dilution.

As of December 31, 2023, net assets totaled approximately $1.3 million, with an NAV per share of $0.18. Our primary use of funds will be investments in portfolio companies and payments of fees and other operating expenses we incur. Additionally, we expect to raise additional capital to support our future growth through future equity offerings. To the extent we determine to raise additional equity through an offering of our common stock at a price below NAV, existing investors will experience dilution.

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PORTFOLIO INVESTMENTS

PRIVATE INVESTMENTS

We make investments in securities of both public and private companies. December 31, ~~2023~~2024, we had investments in the following private companies:

EQX Capital, Inc.

EQX Capital, Inc. (“EQX”), San Francisco, California, is an equipment leasing company.

At December 31, ~~2023~~2024, our investment in EQX consisted of 1,~~950~~930,000 shares of Series A preferred stock and 100,000 shares of common stock with an aggregate fair value of approximately $~~0.1~~29 ~~million~~thousand.

Hera Systems, Inc.

Hera Systems, Inc. (“Hera”), San Jose, CA, is currently developing a constellation of micro satellites to launch into low Earth orbit with imaging and communications capabilities.

At December 31, 2023, our investment in Hera consisted of 3,642,324 shares of Series A preferred stock, 7,039,203 shares of Series B preferred stock, 2,650,000 shares of Series C preferred stock, $1,200,000 par value convertible note, $5,359,791 par value convertible note, and 24,414,922 shares of Series B warrants with an aggregate fair value of approximately $4.2 million.

IntraOp Medical Corp.

IntraOp Medical Corporation (“IntraOp”), Sunnyvale, California, manufactures and markets the Mobetron, a medical device for delivering Intra Operative Electron Radiation Therapy to cancer patients.

At December 31, ~~2023~~2024, our investment in IntraOp consisted of 26,856,187 shares of Series C preferred stock, $3,000,000 par value term note, $2,000,000 par value term note, $1,300,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $1,000,000 par value convertible note, $400,000 par value convertible note, $750,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $500,000 par value convertible note, $200,000 par value convertible note, $150,000 par value convertible note, $350,000 par value convertible note, $700,000 par value convertible note, a $10,961,129 par value convertible note, with a combined aggregate fair value of approximately $88 25 thousand.

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Kyma, Inc.

Kyma, Inc. (“Kyma”), Raleigh, NC, is a supplier of high-quality gallium nitride-based wafers to semiconductor device manufacturers in the electronics and optical markets.

At December 31, 2023, our investment in Kyma consisted of a $100,000 par value convertible note with a combined fair value of approximately $100 thousand.

Lyncean Technologies, Inc.

Lyncean Technologies, Inc. (“Lyncean”), Fremont, CA, is a developer X-ray and extreme ultraviolet (EUV) light sources for laboratory and commercial use.

At December 31, ~~2023~~2024, our investment in Lyncean consisted of 869,792 shares of Series B preferred stock with a combined fair value of approximately $0.

UCT Coatings, Inc.

UCT Coatings, Inc. (“UCT”), Stuart, Florida, is a leader in the development of metal coatings that reduce friction and improve efficiency in mechanical systems.

At December 31, ~~2023~~2024, our investments in UCT consisted of 1,500,000 shares of common stock with a combined fair value of approximately $~~300~~ 260 thousand.

Wrightspeed, Inc.

Wrightspeed, Inc. (“Wrightspeed”), San Jose, California, is a supplier of electric drivetrains for heavy-duty commercial vehicles.

At December 31, ~~2023~~2024, our investments in Wrightspeed consisted of 69,102 shares of common stock, 60,733,693 shares of Series AA preferred stock, warrants to purchase 609,756 shares of Series AA preferred stock, $750,000 par value convertible note, $400,000 par value convertible note, $900,000 par value convertible note, $1,050,000 par value convertible note, $400,000 par value convertible note, $375,000 par value convertible note, $2,000,000 par value convertible note, $1,400,000 par value convertible note, $1,200,000 par value convertible note, $700,000 par value convertible note, $300,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $1,000,000 par value convertible note, $200,000 par value convertible note, $185,000 par value convertible note, $65,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $250,000 par value convertible note, $135,000 par value convertible note, $165,000 par value convertible note, $125,000 par value convertible note, a $4,929,015 par value convertible note, and a a $100,000 par value convertible note ~~and a $40,000 par value convertible note~~ with a combined fair value of approximately $0.

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PUBLIC INVESTMENTS

At December 31, ~~2023~~2024, we had investments in the following public securities:

Revasum, Inc.

Revasum, (“Revasum”), San Luis Obispo, California, designs CMP and grinding technology for the semiconductor equipment industry.

At December 31, ~~2023~~2024, our investment in Revasum consisted of 39,774,889 shares of CDIs with an aggregate fair value of approximately $30.~~9 million~~

Fidelity Investments Money Market Treasury Portfolio - Class I

Fidelity Investments Money Market Treasury Portfolio - Class I (“Money Market”) is a money market portfolio that invests primarily in U.S. treasury securities.

At December 31, ~~2023~~2024, our investment in Money Market consisted of 73745,~~502~~224 shares of the money market fund with a market value of approximately $74 745 thousand.

DISTRIBUTION POLICY

Our board of directors will determine the timing and amount, if any, of our distributions. For each year in which the Fund has qualified as a RIC, we intend to pay distributions on an annual basis out of assets legally available therefore. In order to qualify as a RIC and to avoid corporate-level tax on our income, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually.

CONTRACTUAL OBLIGATIONS

The Fund does not have any Contractual Obligations that meet the requirements for disclosure under Item 303 of Regulation S-K.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not have any Off-Balance Sheet Arrangements.

CRITICAL ACCOUNTING POLICIES

This discussion of our financial condition and results of operations is based upon our financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these financial statements will require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we will describe our critical accounting policies in the notes to our future financial statements.

Valuation of Portfolio Investments

As a business development company, we generally invest in illiquid equity and equity derivatives of securities of venture capital stage technology companies. Under written procedures established by our board of directors, securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ Stock Market, Inc. (“NASDAQ”) official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price. Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE. Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market. We obtain these market values from an independent pricing service or at the mean between the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). In addition, a large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities quarterly at fair value as determined in good faith by our board of directors. Our board of directors may use the services of a nationally recognized independent valuation firm to aid it in determining the fair value of these securities. The methods for valuing these securities may include: fundamental analysis (sales, income, or earnings multiples, etc.), discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

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Revenue Recognition

We record interest income on an accrual basis and dividend income on the ex-dividend date to the extent that we expect to collect such amounts. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, and market discount are capitalized, and we amortize any such amounts as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination is recorded as interest income. We will record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by us as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial statements upon effectiveness.

Inflation

Inflation has not had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, and may in the future experience, the impacts of inflation on their operating results.

SUBSEQUENT EVENTS

~~Subsequent~~Management tohas evaluated the ~~close~~impact of ~~the~~all ~~year~~subsequent events on ~~December~~the ~~31,~~Company ~~2023, and~~ through the date of the ~~issuance of the~~ financial statements ~~included~~were ~~herein, a number of material events related to our portfolio of investments occurred, consisting primarily of purchased and sold securities~~issued. ~~Since that date, we have not purchased any additional private securities.~~

On February 28, 2025, Star Equity Fund, LP (“Star Equity”)filed a complaint in the United States District Court for the District of Maryland, docketed as case no. 1:25-cv-00677-SAG, against Firsthand Capital Management, Inc., Scalar, LLC, current and former members of the board of directors of Firsthand Technology Value Fund, Inc. (the “Fund”), and an officer of the Fund as defendants. The complaint also names the Fund as a nominal defendant. The complaint alleges putative class action claims against the defendants for violations of federal securities laws for alleged false or misleading statements relating to the valuation of the Fund’s assets, and it also purports to allege derivative claims against defendants for breaches of fiduciary duties and breach of contract related to management of the Fund and its assets. In connection with the derivative claims, the complaint names the Fund as a nominal defendant. Although purporting to assert the derivative claims on behalf of the Fund, Star Equity did not make a pre-suit demand on the Fund’s board of directors to initiate litigation over those claims. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. The Fund has certain indemnification obligations to certain defendants. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined.

On September 5, 2023, VestedCap, LLC (“VestedCap”) filed a complaint in Superior Court for the State of California. The case is venued in Santa Clara County (Case No. 23-CV-422238.) As originally filed, the lawsuit asserted claims against one of the Fund’s portfolio companies, IntraOp Medical Corporation. VestedCap also named Kevin Landis as a co-defendant. In the original complaint, VestedCap asserted claims for breach of contract, fraud and deceit, conversion, unjust enrichment, and judicial foreclosure. IntraOp and Kevin Landis denied all claims against them.

On January 22, 2025, VestedCap amended its complaint and added the Fund as an additional co-defendant. In the amended complaint, VestedCap has asserted the following claims against the Fund: wire fraud, violations of the RICO Act, fraud and deceit, conversion, and declaratory relief. VestedCap has also asserted that the Fund is the alter ego of co-defendants IntraOp Medical Corporation and Kevin Landis and therefore should be a party to the case. The Fund believes that the allegations in the complaint lack merit and intends to vigorously defend this action. Defense costs for the Fund, despite the Fund’s having in place an applicable liability insurance policy, may be significant and therefore could have an impact on the Fund’s financial condition that cannot now be determined.

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Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Fund’s business activities contain elements of risk. We consider the principal types of market risk to be valuation risk and small company investment risk.

VALUATION RISK

Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which market quotations are readily available and (ii) fair value as determined in good faith by, or under the direction of, the Board of Directors for all other assets.

Because there is typically no public market for our interests in the small privately-held companies in which we invest, the valuation of the securities in that portion of our portfolio is determined in good faith by our Board of Directors with the assistance of our Valuation Committee, comprised of the independent members of our Board of Directors, in accordance with our Valuation Procedures. In addition, the Board of Directors may use the services of a nationally recognized independent valuation firm to aid it in determining the fair value of some of these securities. In the absence of a readily ascertainable market value, the determined value of our portfolio of securities may differ significantly from the values that would be placed on the portfolio if a ready market for such securities existed. Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment, although our valuation policy is intended to provide a consistent basis for determining fair value of the portfolio investments. The methods for valuing these securities may include: fundamental analysis (sales, income, or earnings multiples, etc.), discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed.

Furthermore, changes in valuation of any of our investments in privately-held companies from one period to another may be volatile.

Investments in privately held, immature companies are inherently more volatile than investments in more mature businesses. Such immature businesses are inherently fragile and easily affected by both internal and external forces.

Our portfolio companies can lose much or all of their value suddenly in response to an internal or external adverse event. Conversely, these immature businesses can gain suddenly in value in response to an internal or external positive development.

The values assigned to our assets are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot be reasonably determined until the individual investments are actually liquidated or become readily marketable. Upon sale of investments, the values that are ultimately realized may be different from what is presently estimated. This difference could be material.

PRIVATELY PLACED SMALL COMPANIES RISK

The Fund invests in small companies, and its investments in these companies are considered speculative in nature. The Fund’s investments often include securities that are subject to legal or contractual restrictions on resale that adversely affect the liquidity and marketability of such securities. As a result, the Fund is subject to risk of loss which may prevent our shareholders from achieving price appreciation, dividend distributions and return of capital.

WE MAY HOLD A PORTION OF OUR ASSETS IN CASH

As of December 31, ~~2023~~2024, we ~~do not~~ have a significant portion of the Fund’s assets invested in cash and/or cash equivalents. We may, however, from time to time hold a substantial portion of our assets in cash and/or cash equivalents, which are expected to earn low yields. Given the current low interest rate environment, to the extent the management fee and other operating expenses exceed interest income on the cash holdings of the Fund, the Fund may experience losses. Furthermore, the investment advisory fee payable by us will not be reduced while our assets are invested in cash-equivalent securities.

In some cases, particularly for primary transactions, it is to our advantage to hold sufficient cash reserve so that we can make additional subsequent investments in these companies in order to (a) avoid having our earlier investments become diluted in future dilutive financings, (b) invest additional capital into existing portfolio companies in case additional investments are necessary, and/or (c) exercise warrants, options, or convertible securities that were acquired as part of the earlier transactions. For this reason, in the case of primary transactions (as opposed to secondary transactions where we do not buy the securities from the issuing companies but instead from existing stockholders), we typically reserve cash in an amount at least equal to our initial investment for such follow-on opportunities. Cash reserves held with respect to a particular investment should, therefore, decline as it is held longer, and will typically not be needed once that portfolio company becomes public or we determine it is no longer in our best interest to make investments in such portfolio company.

We may from time to time liquidate various investments. We are required to distribute substantially all of our net realized gains to stockholders on an annual basis and, therefore, will generally hold the proceeds of liquidated investments in cash pending its distribution.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders

of Firsthand Technology Value Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities of Firsthand Technology Value Fund, Inc. (the “Company”), including the consolidated schedules of investments, as of December 31, ~~2023~~2024 and ~~2022~~2023, and the related consolidated statements of operations, changes in net assets, and cash flows for each of the years in the three-year period ended December 31, ~~2023~~2024, and the consolidated financial highlights for each of the years in the five-year period ended December 31, ~~2023~~2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2023~~2024 and ~~2022~~2023, the results of its operations, the changes in its net assets, and its cash flows for each of the years in the three-year period ended December 31, ~~2023~~2024, and the financial highlights for each of the years in the five-year period ended December 31, ~~2023~~2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Company’s auditor since 1997.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, ~~2023~~2024 by correspondence with the custodian and portfolio companies. We believe that our audits provide a reasonable basis for our opinion.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders

of Firsthand Technology Value Fund, Inc.

Page Two

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

As discussed in Note 6, level 3 investments were valued at $4,797,872 which represented 381% of the Company’s net assets as of December 31, 2023. As part of the valuation process, the Board of Directors and the Audit Committee of the Board of Directors review the valuation models and assumptions prepared by an independent third-party valuation firm. The Company’s level 3 investments are valued using acceptable industry methods including a market approach, an income approach, a cost approach, or a combination of such approaches. The market approach uses prices and other relevant information generated by market transactions. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) discounted to a single present value amount. The cost approach uses the Company’s cost basis of the investment. In following these approaches, the types of factors that management may take into account in fair value pricing investments include observable market inputs together with significant unobservable inputs, including relevant comparable company multiples, discount rates, volatility and recent transactions.

The principal consideration for our determination that performing procedures relating to the valuation of level 3 investments is a critical audit matter as there was significant judgement by management to determine the fair value of these level 3 investments, which included significant unobservable inputs as described above. This in turn led to a high degree of auditor judgement, subjectivity, and effort in performing audit procedures and evaluating the audit evidence obtained related to the unobservable inputs.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of level 3 investments and testing the completeness, accuracy, reliability, and relevance of key data used in the valuation models and testing the computation of these level 3 investments based on the inputs used.

Emphasis of Matter

As discussed in Note 1, the Company issued a press release announcing approval to withdraw its BDC election and pursue liquidation.

~~Additionally,~~Our Asopinion ~~discussed~~is in Note 10 to the financial statements, the Company has two unconsolidated significant subsidiaries, as defined under S-X Rule 3-09 for which audited financial statements as of December 31, 2023 were not ~~available~~modified aswith ofrespect ~~the~~to ~~date~~this ~~the consolidated financial statements were issued~~matter. Because the audited financial statements were not available, the Company has presented summarized financial information for one subsidiary as of December 31, 2023 and 2022 and for the three years ending December 31, 2023 and audited financial statements for the fiscal period ending January 1, 2023 for the second subsidiary.

~~Our~~/S/ ~~opinion~~TAIT, WELLER is& ~~not~~BAKER ~~modified with respect to these matters.~~ LLP

PCAOB ID 445

~~/S/ TAIT~~Philadelphia, ~~WELLER~~Pennsylvania &March ~~BAKER~~25, ~~LLP PCAOB ID 445~~2025

Philadelphia, Pennsylvania March 28, 2024

Table of Contents

Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Firsthand Technology Value Fund, Inc.

Consolidated ~~Statements~~Statement of Assets and Liabilities

	AS OF DECEMBER 31, 2023			AS OF DECEMBER 31, 2022
	AS OF DECEMBER 31, 2024			AS OF DECEMBER 31, 2023
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	1,~~173~~745,~~502~~224	*	$	1,~~772~~173,~~422~~502	*
Affiliated investments at acquisition cost		662,235			662,235
Controlled investments at acquisition cost		~~132~~114,~~131~~275,~~932~~039			~~140~~132,~~355~~131,~~353~~932
Total acquisition cost	$	~~133~~116,~~967~~682,~~669~~498		$	~~142~~133,~~790~~967,~~010~~669
Unaffiliated investments at market value	$	~~173~~745,~~502~~224	*	$	~~772~~173,~~422~~502	*
Affiliated investments at market value		~~299~~260,~~932~~497			~~337~~299,~~500~~932
Controlled investments at market value		854,~~260,345~~753			398,~~012~~260,~~002~~345
Total Market value** (Note 6)		8,733,779			40,121,924
Total Market value (Note 6)		1,060,474			8,733,779	**
Foreign currency at value (cost $2,629 and $3,235)		2,765			3,404
Foreign currency at value (cost $2,629 and $2,765)		2,512			2,765
Receivable from dividends and interest		8,161			14,463
Receivable for securities sold		325,000			-
Other assets		63,649			64,066
Receivable from dividends and interest		2,871			8,161
Total Assets		8,808,354			40,203,857
Other assets		404,756			63,649
Total Assets		1,795,613			8,808,354
LIABILITIES
Payable to affiliates (Note 4)		7,183,782			9,188,187
Due to Custodian		127,478			-
Trustees’ fees payable		13,891			50,000
Payable to affiliates (Note 4)		27,587			7,183,782
Consulting fee payable		43,000			46,000
Deferred directors’ fees payable (Note 2)		214,172			13,891
Accrued expenses and other payables		307,310			310,079
Consulting fee payable		-			43,000
Total Liabilities		7,547,983			9,594,266
Accrued taxes		139,154			-
NET ASSETS	$	1,260,371		$	30,609,591
Accrued expenses and other payables		226,543			307,310
Total Liabilities		734,934			7,547,983
NET ASSETS	$	1,060,679		$	1,260,371
Net Assets consist of:
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	6,893		$	6,893
Paid-in-capital		176,770,722			176,770,722
Total distributable earnings (loss)		(175,~~517~~716,~~244~~936	)		(~~146~~175,~~168~~517,~~024~~244	)
NET ASSETS	$	1,~~260~~060,~~371~~679		$	301,~~609~~260,~~591~~371
Shares of Common Stock outstanding		7,016,432			7,016,432
Shares of Treasury Stock outstanding		(123,376	)		(123,376	)
Total Shares of Common Stock outstanding		6,893,056			6,893,056
Net asset value per share (Note 2)	$	0.1815		$	40.4418

* Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/23 and 12/31/22 were 5.23% and 4.13%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.

*	Includes Fidelity Investment Money Market Treasury Portfolio - Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/24 and 12/31/23 were 4.34% and 5.23%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information.
**	Includes warrants whose primary risk exposure is equity contracts.

** Includes warrants whose primary risk exposure is equity contracts.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	~~ACQUISITION~~MATURITY DATE	~~SHARES/PAR~~INTEREST ~~VALUE ($)~~RATE			~~COST~~ACQUISITION ~~BASIS~~DATE		SHARES/PAR VALUE ($)		~~VALUE~~		COST BASIS		VALUE
EQX CAPITAL, INC.(8.8%)	Common Stock *(1)(2)(4)	6/10/2016		100,000		$	20,000			$	55
EQX CAPITAL, INC.
Equipment Leasing	Preferred Stock - Series A *(1)(2)(4)	6/10/16-11/7/16		1,950,000			1,950,000				110,172
(2.8%) Equipment Leasing	Common Stock *(1)(2)(4)					6/10/2016			100,000			$	20,000	$	0
											110,227
	Preferred Stock - Series A *(1)(2)(4)					6/10/2016-11/7/2016			1,930,000				1,930,000		29,466
HERA SYSTEMS, INC. (333.2%) Aerospace	Note Matures December 2024 Interest Rate 10% (1)(2)(4)(6)	12/29/2022		5,359,791			5,359,791				3,431,683
															29,466
	Convertible Note Matures December 2024 Interest Rate 10% (1)(2)(4)	12/29/2022		1,200,000			1,200,000				768,317
INTRAOP MEDICAL CORP.
	Preferred Stock - Series A *(1)(2)(4)	9/18/2015		3,642,324			2,000,000				0
(2.4%) Medical Devices	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	10/11/2019			500,000				500,000		454
	Preferred Stock - Series B *(1)(2)(4)	8/7/17 - 2/1/19		7,039,203			6,587,102				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	10/22/2021			1,000,000				1,000,000		909
	Preferred Stock - Series C *(1)(2)(4)	8/7/19-2/12/20		2,650,000			2,650,000				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	10/29/2019			500,000				500,000		454
	Preferred Stock Warrants - Series B *(1)(2)(4)	7/9/18 - 9/4/18		12,250,000			0				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	10/6/2021			500,000				500,000		455
	Preferred Stock Warrants - Series B *(1)(2)(4)	2/1/2019		5,250,000			0				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	11/12/2021			500,000				500,000		455
	Preferred Stock Warrants - Series B *(1)(2)(4)	8/7/2017		6,214,922			0				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	11/29/2021			500,000				500,000		455
	Preferred Stock Warrants - Series B *(1)(2)(4)	9/28/2017		700,000			0				0
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	12/31/2018			10,961,129				10,961,129		9,966
											4,200,000
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	2/27/2020			1,000,000				1,000,000		909
INTRAOP MEDICAL CORP. (7.0%) Medical Devices	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	10/11/2019		500,000			500,000				1,577
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	2/28/2022			200,000				200,000		182
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	10/22/2021		1,000,000			1,000,000				3,154
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	3/25/2020			500,000				500,000		455
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	10/29/2019		500,000			500,000				1,577
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	3/30/2022			150,000				150,000		136
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	10/6/2021		500,000			500,000				1,577

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)			COST BASIS				VALUE
PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE		SHARES/PAR VALUE ($)				COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)	~~Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)~~	~~11/12/2021~~		~~500,000~~		$	~~500,000~~			$	~~1,577~~
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	11/29/2021		500,000			500,000				1,577
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	3/8/2020			400,000			$	400,000	$	364
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	12/31/2018		10,961,129			10,961,129				34,570
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/20/2021			1,000,000				1,000,000		909
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	2/27/2020		1,000,000			1,000,000				3,154
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	4/6/2022			350,000				350,000		318
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	2/28/2022		200,000			200,000				631
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	6/10/2021			500,000				500,000		455
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	3/25/2020		500,000			500,000				1,577
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	6/10/2022			700,000				700,000		636
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	3/30/2022		150,000			150,000				473
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/12/2019			1,300,000				1,300,000		1,182
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	4/20/2021		1,000,000			1,000,000				3,154
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/16/2021			500,000				500,000		455
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	4/6/2022		350,000			350,000				1,104
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	7/31/2020			500,000				500,000		455
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	5/8/2020		400,000			400,000				1,261
	Convertible Note (1)(2)(4)(6)	12/31/2025				8/28/2020			750,000				750,000		682
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	6/10/2021		500,000			500,000				1,577
	Convertible Note (1)(2)(4)(6)	12/31/2025		15	%	9/22/2021			500,000				500,000		455
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	6/10/2022		700,000			700,000				2,208
	Preferred Stock - Series C *(1)(2)(4)					7/12/2013			26,856,187				26,299,939		0
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	7/12/2019		1,300,000			1,300,000				4,100
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/10/2017			2,000,000				2,000,000		1,818
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	7/16/2021		500,000			500,000				1,577
	Term Note (1)(2)(4)(6)	12/31/2025		8	%	2/28/2014			3,000,000				3,000,000		2,728
															25,287

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)			COST BASIS				VALUE
PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE		SHARES/PAR VALUE ($)				COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	7/31/2020		500,000		$	500,000			$	1,577
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B *(1)(4)					7/3/2018			869,792			$	1,000,000	$	0
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	8/28/2020		750,000			750,000				2,365
REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs *(2)(4)					11/14/2016-10/3/2022			39,774,889				9,268,218		0
	Convertible Note Matures December 2024 Interest Rate 15% (1)(2)(4)(6)	9/22/2021		500,000			500,000				1,577
UCT COATINGS, INC. (24.5%) Advanced Materials	Common Stock *(1)(3)(4)					4/18/2011			1,500,000				662,235		260,497
	Preferred Stock - Series C *(1)(2)(4)	7/12/2013		26,856,187			26,299,939				0
WRIGHTSPEED, INC.
	Term Note Matures December 2024 Interest Rate 8% (1)(2)(4)(6)	2/10/2017		2,000,000			2,000,000				6,308
(0.0%) Automotive	Common Stock *(1)(2)(4)					6/7/2019			69,102				7,460,851		0
	Term Note Matures December 2024 Interest Rate 8% (1)(2)(4)(6)	2/28/2014		3,000,000			3,000,000				9,461
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	1/10/2023			100,000				100,000		0
											87,713
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	10/20/2021			1,000,000				1,000,000		0
KYMA, INC. (7.9%) Advanced Materials	Convertible Note Matures March 2024 Interest Rate 10% (1)(4)	3/11/2019		100,000			100,000				100,000
	Convertible Note(1)(2)(4)(6)	6/30/2025		12	%	10/21/2022			135,000				135,000		0
LYNCEAN TECHNOLOGIES, INC. (0.0%)	Preferred Stock - Series B *(1)(4)	7/3/2018		869,792			1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	10/23/2020			1,050,000				1,050,000		0
Semiconductor Equipment
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	10/5/2021			700,000				700,000		0
REVASUM, INC. (306.5%)	CDIs *(2)	11/14/16 - 10/3/22		39,774,889			9,268,218				3,862,405
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	11/11/2020			400,000				400,000		0
Semiconductor Equipment
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	11/14/2022			165,000				165,000		0
UCT COATINGS, INC. (23.8%)	Common Stock *(1)(3)(4)	4/18/2011		1,500,000			662,235				299,932
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	11/23/2021			1,000,000				1,000,000		0
Advanced Materials
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	11/24/2020			375,000				375,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/23/2020			2,000,000				2,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/11/2020			400,000				400,000		0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	~~ACQUISITION~~MATURITY DATE	~~SHARES/PAR~~INTEREST ~~VALUE ($)~~RATE			~~COST~~ACQUISITION ~~BASIS~~DATE		SHARES/PAR VALUE ($)		~~VALUE~~		COST BASIS		VALUE
WRIGHTSPEED, INC. (0.0%)	Common Stock *(1)(2)	6/7/2019		69,102		$	7,460,851			$	0
WRIGHTSPEED, INC. (continued)
Automotive	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	1/10/2023		100,000			100,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/28/2021			1,000,000			$	1,000,000	$	0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	10/13/2020		1,050,000			1,050,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	12/9/2022			125,000				125,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	10/20/2021		1,000,000			1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2021			1,400,000				1,400,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	10/21/2022		135,000			135,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	2/23/2022			200,000				200,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	10/5/2021		700,000			700,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	3/11/2022			185,000				185,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	11/11/2020		400,000			400,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/12/2021			1,200,000				1,200,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	11/14/2022		165,000			165,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	4/14/2022			65,000				65,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	11/23/2021		1,000,000			1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/10/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	11/24/2020		375,000			375,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/18/2021			1,000,000				1,000,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	12/11/2020		400,000			400,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	5/26/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	12/23/2020		2,000,000			2,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/10/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	12/28/2021		1,000,000			1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/22/2021			1,000,000				1,000,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	12/9/2022		125,000			125,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/28/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	2/23/2021		1,400,000			1,400,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	6/7/2019			4,929,015				4,929,015		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	2/23/2022		200,000			200,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/13/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	3/11/2022		185,000			185,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/26/2021			1,000,000				1,000,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	4/12/2021		1,200,000			1,200,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	7/28/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	4/14/2022		65,000			65,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2020			750,000				750,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	5/10/2022		250,000			250,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/12/2022			250,000				250,000		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	5/18/2021		1,000,000			1,000,000				0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	8/19/2021			1,000,000				1,000,000		0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/10/2022			900,000				900,000		0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments -continued

DECEMBER 31, ~~2023~~2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	~~ACQUISITION~~MATURITY DATE	~~SHARES/PAR~~INTEREST ~~VALUE ($)~~RATE			ACQUISITION DATE	~~COST BASIS~~	SHARES/PAR VALUE ($)		~~VALUE~~	COST BASIS		VALUE
WRIGHTSPEED, INC. (CONTINUED)	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	5/26/2022		250,000			$	250,000		$	0
WRIGHTSPEED, INC. (continued)
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	6/10/2022		250,000				250,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2025		12	%	9/22/2021			300,000		$	300,000	$	0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	6/22/2021		1,000,000				1,000,000			0
	Preferred Stock - Series AA *(1)(2)(4)					6/7/2019-7/20/2020			60,733,693			17,355,887		0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	6/28/2022		250,000				250,000			0
														0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	6/7/2019		4,929,015				4,929,015			0
INVESTMENT COMPANY (70.3%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)					Various			745,224			745,224		745,224
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	7/13/2022		250,000				250,000			0
TOTAL INVESTMENTS (Cost $116,682,498) — 100.0%														1,060,474
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	7/26/2021		1,000,000				1,000,000			0
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%														205
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	7/28/2022		250,000				250,000			0
NET ASSETS — 100.0%													$	1,060,679
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	8/12/2020		750,000				750,000			0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	8/12/2022		250,000				250,000			0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	8/19/2021		1,000,000				1,000,000			0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	9/10/2022		900,000				900,000			0
	Convertible Note Matures June 2024 Interest Rate 12% (1)(2)(4)(6)	9/22/2021		300,000				300,000			0
	Convertible Note Matures December 2024 Interest Rate 18% (1)(2)(4)(6)	8/25/2023		40,000				40,000			0
	Preferred Stock - Series AA *(1)(2)(4)	6/7/19 - 7/20/20		60,733,693				17,355,887			0
											0

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI:

CHESS Depositary Interests.

*	Non-income producing security.
(1)	Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At December 31, 2024, we held $315,250 (or 29.7% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (29.7% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on December 31, 2024 valuation no such interest accrued during period ended December 31, 2024.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments ~~-continued~~

DECEMBER 31, 2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	~~ACQUISITION~~MATURITY DATE	~~SHARES/PAR VALUE ($)~~	INTEREST RATE	~~COST BASIS~~		~~VALUE~~	ACQUISITION DATE		SHARES/PAR VALUE ($)		COST BASIS		VALUE
INVESTMENT COMPANY (5.8%)	Fidelity Investments Money Market Treasury Portfolio - Class 1 (5)	Various		73,502	$	73,502	$	73,502
EQX CAPITAL, INC.(8.8%) Equipment Leasing	Common Stock *(1)(2)(4)							6/10/2016			100,000	$	20,000	$	55
TOTAL INVESTMENTS (Cost $133,967,669) — 693.0%								8,733,779
	Preferred Stock - Series A *(1)(2)(4)							6/10/16-11/7/16			1,950,000		1,950,000		110,172
LIABILITIES IN EXCESS OF OTHER ASSETS — (593.0)%								(7,473,408	)
															110,227
NET ASSETS — 100.0%							$	1,260,371
HERA SYSTEMS, INC. (333.2%) Aerospace	Note (1)(2)(4)(6)	12/31/2024			10	%		12/29/2022			5,359,791		5,359,791		3,431,683
	Convertible Note (1)(2)(4)	12/31/2024			10	%		12/29/2022			1,200,000		1,200,000		768,317
	Preferred Stock - Series A *(1)(2)(4)							9/18/2015			3,642,324		2,000,000		0
	Preferred Stock - Series B *(1)(2)(4)							8/7/17-2/1/19			7,039,203		6,587,102		0
	Preferred Stock - Series C *(1)(2)(4)							8/7/19-2/12/20			2,650,000		2,650,000		0
	Preferred Stock Warrants - Series B *(1)(2)(4)							7/9/18-9/4/18			12,250,000		0		0
	Preferred Stock Warrants - Series B *(1)(2)(4)							2/1/2019			5,250,000		0		0
	Preferred Stock Warrants - Series B *(1)(2)(4)							8/7/2017			6,214,922		0		0
	Preferred Stock Warrants - Series B *(1)(2)(4)							9/28/2017			700,000		0		0
															4,200,000
INTRAOP MEDICAL CORP. (7.0%) Medical Devices	Convertible Note(1)(2)(4)(6)	12/31/2024			15	%		10/11/2019			500,000		500,000		1,577
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		10/22/2021			1,000,000		1,000,000		3,154
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		10/29/2019			500,000		500,000		1,577
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		10/6/2021			500,000		500,000		1,577

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI:CHESS Depositary Interests

* Non-income producing security.

(1) Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see Note 3). At December 31, 2023, we held $4,797,872 (or 380.7% of net assets) in restricted securities (see Note 2).

(2) Controlled investments.

(3) Affiliated issuer.

(4) Fair Value Level 3 security. (380.7% of net assets).

(5) The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.

(6) Security whose interest accrues until maturity however, based on December 31, 2023 valuation no such interest accrued during year ended December 31, 2023.

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments

DECEMBER 31, ~~2022~~2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	~~ACQUISITION DATE~~	INTEREST RATE			~~SHARES/PAR VALUE ($)~~	ACQUISITION DATE	SHARES/PAR VALUE ($)	~~COST BASIS~~		COST BASIS	~~VALUE~~		VALUE
EQX CAPITAL, INC. (2.9%)	Common Stock *(1)(2)(4)			6/10/2016				100,000		$	20,000		$	11,130
INTRAOP MEDICAL CORP. (continued)	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		11/12/2021		500,000		$	500,000		$	1,577
Equipment Leasing	Preferred Stock - Series A *(1)(2)(4)			6/10/16-11/7/16				1,950,000			1,950,000			865,995
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		11/29/2021		500,000			500,000			1,577
														877,125
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		12/31/2018		10,961,129			10,961,129			34,570
HERA SYSTEMS, INC. (25.8%) Aerospace	Convertible Note Matures December 2024 Interest Rate 5% (1)(2)(4)			12/29/2022				1,200,000			1,200,000			1,200,000
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		2/27/2020		1,000,000			1,000,000			3,154
	Convertible Note Matures December 2022 Interest Rate 10% (1)(2)(4)			12/29/2022				5,359,791			5,359,791			5,359,791
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		2/28/2022		200,000			200,000			631
	Preferred Stock - Series A *(1)(2)(4)			9/18/2015				3,642,324			2,000,000			4,735
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		3/25/2020		500,000			500,000			1,577
	Preferred Stock - Series B *(1)(2)(4)			8/7/17 - 2/1/19				7,039,203			6,587,102			275,585
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		3/30/2022		150,000			150,000			473
	Preferred Stock - Series C *(1)(2)(4)			8/7/19-2/12/20				2,650,000			2,650,000			103,748
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		4/20/2021		1,000,000			1,000,000			3,154
	Preferred Stock Warrants - Series B *(1)(2)(4)			7/9/18 - 9/4/18				12,250,000			0			478,608
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		4/6/2022		350,000			350,000			1,104
	Preferred Stock Warrants - Series B *(1)(2)(4)			2/1/2019				5,250,000			0			205,117
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		5/8/2020		400,000			400,000			1,261
	Preferred Stock Warrants - Series B *(1)(2)(4)			8/7/2017				6,214,922			0			242,817
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		6/10/2021		500,000			500,000			1,577
	Preferred Stock Warrants - Series B *(1)(2)(4)			9/28/2017				700,000			0			27,349
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		6/10/2022		700,000			700,000			2,208
														7,897,750
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		7/12/2019		1,300,000			1,300,000			4,100
INTRAOP MEDICAL CORP. (55.9%) Medical Devices	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			12/31/2018				10,961,129			10,961,129			6,746,169
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		7/16/2021		500,000			500,000			1,577
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			7/12/2019				1,300,000			1,300,000			800,102
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			10/11/2019				500,000			500,000			307,731

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments ~~- continued~~

DECEMBER 31, ~~2022~~2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	~~ACQUISITION DATE~~	INTEREST RATE			~~SHARES/PAR VALUE ($)~~	ACQUISITION DATE	SHARES/PAR VALUE ($)	~~COST BASIS~~		COST BASIS	~~VALUE~~		VALUE
INTRAOP MEDICAL CORP. (continued)	Convertible Note ~~Matures December 2022 Interest Rate 15%~~ (1)(2)(4)(6)	12/31/2024		~~10/29/2019~~	15	%		~~500,000~~7/31/2020		$500,000	~~500,000~~	$	$500,000	~~307,732~~	$	1,577
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			2/27/2020				1,000,000			1,000,000			615,463
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		8/28/2020		750,000			750,000			2,365
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			3/25/2020				500,000			500,000			307,732
	Convertible Note (1)(2)(4)(6)	12/31/2024			15	%		9/22/2021		500,000			500,000			1,577
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			5/8/2020				400,000			400,000			246,185
	Preferred Stock - Series C *(1)(2)(4)							7/12/2013		26,856,187			26,299,939			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			7/31/2020				500,000			500,000			307,731
	Term Note (1)(2)(4)(6)	12/31/2024			8	%		2/10/2017		2,000,000			2,000,000			6,308
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			8/28/2020				750,000			750,000			461,597
	Term Note (1)(2)(4)(6)	12/31/2024			8	%		2/28/2014		3,000,000			3,000,000			9,461
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			4/20/2021				1,000,000			1,000,000			615,463
																87,713
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			6/10/2021				500,000			500,000			307,732
KYMA, INC. (7.9%) Advanced Materials	Convertible Note (1)(4)	3/31/2024			10	%		3/11/2019		100,000			100,000			100,000
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			7/16/2021				500,000			500,000			307,732
LYNCEAN TECHNOLOGIES, INC. (0.0%)	Preferred Stock - Series B *(1)(4)							7/3/2018		869,792			1,000,000			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			9/22/2021				500,000			500,000			307,731
Semiconductor Equipment
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			10/6/2021				500,000			500,000			307,731
REVASUM, INC. (306.5%)	CDIs *(2)							11/14/16-10/3/22		39,774,889			9,268,218			3,862,405
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			10/22/2021				1,000,000			1,000,000			615,463
Semiconductor Equipment
UCT COATINGS, INC. (23.8%)	Common Stock *(1)(3)(4)							4/18/2011		1,500,000			662,235			299,932
Advanced Materials

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments ~~- continued~~

DECEMBER 31, ~~2022~~2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	~~ACQUISITION DATE~~	INTEREST RATE			~~SHARES/PAR VALUE ($)~~	ACQUISITION DATE	SHARES/PAR VALUE ($)	~~COST BASIS~~		COST BASIS	~~VALUE~~		VALUE
INTRAOP MEDICAL CORP. (continued)	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			11/12/2021				500,000		$	500,000		$	307,732
WRIGHTSPEED, INC. (0.0%) Automotive	Common Stock *(1)(2)							6/7/2019		69,102		$	7,460,851		$	0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			11/29/2021				500,000			500,000			307,732
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		1/10/2023		100,000			100,000			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			2/28/2022				200,000			200,000			123,093
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		10/13/2020		1,050,000			1,050,000			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			3/30/2022				150,000			150,000			92,319
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		10/20/2021		1,000,000			1,000,000			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			4/6/2022				350,000			350,000			215,412
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		10/21/2022		135,000			135,000			0
	Convertible Note Matures December 2022 Interest Rate 15% (1)(2)(4)(6)			6/10/2022				700,000			700,000			430,824
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		10/5/2021		700,000			700,000			0
	Preferred Stock - Series C *(1)(2)(4)			7/12/2013				26,856,187			26,299,938			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		11/11/2020		400,000			400,000			0
	Term Note Matures December 2022 Interest Rate 8% (1)(2)(4)(6)			2/28/2014				3,000,000			3,000,000			1,846,389
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		11/14/2022		165,000			165,000			0
	Term Note Matures December 2022 Interest Rate 8% (1)(2)(4)(6)			2/10/2017				2,000,000			2,000,000			1,230,926
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		11/23/2021		1,000,000			1,000,000			0
														17,116,721
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		11/24/2020		375,000			375,000			0
KYMA, INC. (0.3%) Advanced Materials	Convertible Note Matures March 2023 Interest Rate 10% (1)(4)			3/11/2019				100,000			100,000			100,000
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		12/11/2020		400,000			400,000			0
LYNCEAN TECHNOLOGIES, INC. (0.0%)	Preferred Stock - Series B *(1)(4)			7/3/2018				869,792			1,000,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		12/23/2020		2,000,000			2,000,000			0
Semiconductor Equipment
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		12/28/2021		1,000,000			1,000,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		12/9/2022		125,000			125,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		2/23/2021		1,400,000			1,400,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		2/23/2022		200,000			200,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		3/11/2022		185,000			185,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		4/12/2021		1,200,000			1,200,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		4/14/2022		65,000			65,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		5/10/2022		250,000			250,000			0
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		5/18/2021		1,000,000			1,000,000			0

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments ~~- continued~~

DECEMBER 31, ~~2022~~2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	~~ACQUISITION DATE~~	INTEREST RATE			~~SHARES/PAR VALUE ($)~~	ACQUISITION DATE	SHARES/PAR VALUE ($)	~~COST BASIS~~		COST BASIS	~~VALUE~~		VALUE
REVASUM, INC. (11.5%)	CDIs *(2)			11/14/16 - 10/3/22				39,774,889		$	9,268,219		$	3,520,496
WRIGHTSPEED, INC. (CONTINUED)	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		5/26/2022		250,000		$	250,000		$	0
Semiconductor Equipment
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		6/10/2022		250,000			250,000			0
SILICON GENESIS CORP. (2.4%)	Preferred Stock - Series 1-E *(1)(2)(4)			4/18/2011				5,704,480			2,372,403			320,592
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		6/22/2021		1,000,000			1,000,000			0
Intellectual Property	Preferred Stock - Series 1-C *(1)(2)(4)			4/18/2011				82,914			109,518			962
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		6/28/2022		250,000			250,000			0
	Preferred Stock - Series 1-D *(1)(2)(4)			4/18/2011				850,830			431,901			2,552
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		6/7/2019		4,929,015			4,929,015			0
	Common Stock *(1)(2)(4)			4/18/2011				921,892			169,045			111
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		7/13/2022		250,000			250,000			0
	Common Stock Warrants *(1)(2)(4)			4/18/2011				37,982			6,678			1
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		7/26/2021		1,000,000			1,000,000			0
	Preferred Stock - Series 1-F *(1)(2)(4)			4/18/2011				912,453			456,389			70,806
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		7/28/2022		250,000			250,000			0
	Preferred Stock - Series 1-G *(1)(2)(4)			3/10/2016				48,370,793			3,880,592			306,671
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		8/12/2020		750,000			750,000			0
	Preferred Stock - Series 1-H *(1)(2)(4)			3/10/2016				837,942			936,895			35,529
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		8/12/2022		250,000			250,000			0
														737,224
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		8/19/2021		1,000,000			1,000,000			0
UCT COATINGS, INC. (1.1%)	Common Stock *(1)(3)(4)			4/18/2011				1,500,000			662,235			337,500
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		9/10/2022		900,000			900,000			0
Advanced Materials
	Convertible Note (1)(2)(4)(6)	6/30/2024			12	%		9/22/2021		300,000			300,000			0
WRIGHTSPEED, INC. (29.0%)	Common Stock *(1)(2)(4)			4/11/2013 - 5/6/2019				69,102			7,460,851			546
	Convertible Note (1)(2)(4)(6)	12/31/2024			18	%		8/25/2023		40,000			40,000			0
Automotive	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)			6/7/2019				4,929,015			4,929,015			1,601,930
	Preferred Stock - Series AA *(1)(2)(4)							6/7/19-7/20/20		60,733,693			17,355,887			0
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)			8/12/2020				750,000			750,000			243,750
																0
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)			9/10/2020				900,000			900,000			292,500

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, ~~2022~~2023

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE		SHARES/PAR VALUE ($)		~~SHARES/PAR VALUE ($)~~		COST BASIS		~~COST BASIS~~		VALUE		~~VALUE~~
WRIGHTSPEED, INC. (continued)	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		10/13/2020				1,050,000			$	1,050,000			$	341,250
INVESTMENT COMPANY (5.8%)	Fidelity Investments Money Market Treasury Portfolio - Class 1 (5)	Various			73,502			$	73,502			$	73,502
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		11/11/2020				400,000				400,000				130,000
TOTAL INVESTMENTS (Cost $133,967,669) — 693.0%													8,733,779
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		11/24/2020				375,000				375,000				121,875
LIABILITIES IN EXCESS OF OTHER ASSETS — (593.0)%													(7,473,408	)
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		12/11/2020				400,000				400,000				130,000
NET ASSETS — 100.0%												$	1,260,371
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		12/23/2020				2,000,000				2,000,000				650,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		2/23/2021				1,400,000				1,400,000				455,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		4/12/2021				1,200,000				1,200,000				390,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		5/18/2021				1,000,000				1,000,000				325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		6/22/2021				1,000,000				1,000,000				325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		7/26/2021				1,000,000				1,000,000				325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		8/19/2021				1,000,000				1,000,000				325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		9/22/2021				300,000				300,000				97,500

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2022

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE		SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		10/5/2021		700,000	$	700,000	$	227,500
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		10/20/2021		1,000,000		1,000,000		325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		11/23/2021		1,000,000		1,000,000		325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		12/28/2021		1,000,000		1,000,000		325,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		2/23/2022		200,000		200,000		65,000
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		3/11/2022		185,000		185,000		60,125
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		4/14/2022		65,000		65,000		21,125
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		5/10/2022		250,000		250,000		81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		5/26/2022		250,000		250,000		81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		6/10/2022		250,000		250,000		81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		6/28/2022		250,000		250,000		81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		7/13/2022		250,000		250,000		81,250

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2022

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE		SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		7/28/2022		250,000	$	250,000	$	81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		8/12/2022		250,000		250,000		81,250
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		10/21/2022		135,000		135,000		43,875
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		11/14/2022		165,000		165,000		53,625
	Convertible Note Matures June 2023 Interest Rate 12% (1)(2)(4)(6)		12/9/2022		125,000		125,000		40,625
	Preferred Stock - Series AA *(1)(2)(4)		6/7/19 - 7/20/20		60,733,693		17,355,887		1,049,478
	Preferred Stock Warrants - Series AA *(1)(2)(4)		6/7/2019		609,756		0		3,232
									8,862,686

See accompanying notes to financial statements

Table of Contents

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2022

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE		SHARES/PAR VALUE ($)		COST BASIS		VALUE
INVESTMENT COMPANY (2.2%)	Fidelity Investments Money Market Treasury Portfolio - Class I (5)		Various		672,422	$	672,422	$	672,422
TOTAL INVESTMENTS (Cost $142,790,010) — 131.1%								$	40,121,924
LIABILITIES IN EXCESS OF OTHER ASSETS — (31.1)%									(9,512,333	)
NET ASSETS — 100.0%								$	30,609,591

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI :CHESS Depositary Interests

*	Non-income producing security.

(1) Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (~~See~~see ~~note~~Note 3). At December 31, ~~2022~~2023, we held $354,~~929~~797,~~005~~872 (or ~~117~~380.47% of net assets) in restricted securities (see Note 2).

(2)

Controlled investments.

(3)

Affiliated issuer.

(4) Fair Value Level 3 security. (~~117~~380.7% of net assets).

(5) The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.

(6) Security whose interest accrues ~~over~~until ~~the~~maturity ~~life~~however, ofbased ~~the~~on ~~Note~~December ~~and~~31, is2023 ~~not~~valuation ~~payable~~no ~~until~~such ~~maturity. An~~ interest ~~adjustment~~accrued ~~was~~during ~~made~~year inended ~~2022.~~December ~~See~~31, ~~Note 2 to the financial statements~~2023.

See accompanying notes to financial statements

55 52

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Operations

	FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021
	FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022
INVESTMENT INCOME
Unaffiliated dividends		—			—		$	171,613
Unaffiliated interest	$	29,836		$	37,275		$	3,318
Unaffiliated interest	$	37,275		$	3,318			30,906
Affiliated/controlled interest		80,000			85,356			(10,015,197	)
Affiliated/controlled interest		85,356			(10,015,197	)		6,116,176
Foreign tax withholding		-			-			3,457
Foreign tax withholding		—			3,457			—
TOTAL INVESTMENT INCOME (LOSS)		109,836			122,631			(10,008,422	)
TOTAL INVESTMENT INCOME		122,631			(10,008,422	)		6,318,695
EXPENSES
EXPENSES
Investment advisory fees (Note 4)		88,487			455,559			1,366,496
Investment advisory fees (Note 4)		455,559			1,366,496			2,220,811
Administration fees		115,001			116,785			118,009
Administration fees		116,785			118,009			122,177
Custody fees		4,464			8,743			17,338
Custody fees		8,743			17,338			24,661
Transfer agent fees		26,629			33,296			38,054
Transfer agent fees		33,296			38,054			39,737
Registration and filing fees		4,782			35,300			33,800
Registration and filing fees		35,300			33,800			32,700
Professional fees		454,285			398,882			397,138
Professional fees		398,882			397,138			367,471
Printing fees		2,000			299,958			60,853
Printing fees		299,958			60,853			80,307
Directors' fees		50,000			68,750			200,000
Trustees fees		43,841			200,000			200,000
Deferred Directors' Fees (Note 2)		200,281			(24,909	)		-
Compliance fees		~~110~~112,~~336~~844			~~118~~110,~~777~~336			~~120~~118,~~487~~777
Miscellaneous fees		81124,~~068~~974			8881,~~580~~068			4688,~~907~~580
TOTAL GROSS EXPENSES		1,~~583~~183,~~768~~747			21,~~439~~583,~~045~~768			32,~~255~~439,~~258~~045
Less waiver and/or reimbursement (Note 4)		(23,~~542~~088,~~716~~487	)		—(2,542,716	)		—-
TOTAL NET EXPENSES		(~~958~~1,~~948~~904,740	)		2(958,~~439,045~~948	)		32,~~255~~439,~~258~~045
NET INVESTMENT INCOME/(LOSS), BEFORE TAXES		12,~~081~~014,~~579~~576			~~(12~~1,~~447~~081,~~467~~579	)		3(12,~~063~~447,~~437~~467	)
Net Realized and Unrealized Gain (Loss) on Investments:
Tax Expense		139,154			-			-
Net realized gains (losses) from security transactions on:
Net Investment Income, net of taxes		1,875,422			1,081,579			(12,447,467	)
Affiliated/controlled		(7,864,998	)		(3,131,579	)		11,753,038
Net Realized and Unrealized Gain (Loss) on Investments:
Foreign currency		16			1,914			27
Net realized gains (losses) from security transactions on:
Net realized gains (losses), net of deferred taxes		(7,864,982	)		(3,129,665	)		11,753,065
Affiliated/controlled		(11,686,668	)		(7,864,998	)		(3,131,579	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency		-			16			1,914
Non-affiliated investments		—			(280,160	)		(551,274	)
Net realized gains (losses)		(11,686,668	)		(7,864,982	)		(3,129,665	)
Affiliated/controlled investments and foreign currency		(21,615,371	)		(48,442,656	)		(21,673,270	)
Net change in unrealized appreciation (depreciation) on:
Affiliated/controlled warrants investments (1)		(950,446	)		154,915			20,298
Non-affiliated investments		-			-			(280,160	)
Net change in unrealized (depreciation), net of deferred taxes		(22,565,817	)		(48,567,901	)		(22,204,246	)
Affiliated/controlled investments and foreign currency		9,611,554			(21,615,371	)		(48,442,656	)
Net Realized and Unrealized (Loss) on Investments, Net of Deferred Taxes		(30,430,799	)		(51,697,566	)		(10,451,181	)
Affiliated/controlled warrants investments (1)		-			(950,446	)		154,915
Net Decrease In Net Assets Resulting From Operations, Net of Deferred Taxes	$	(29,349,220	)	$	(64,145,033	)		(7,387,744	)
Net change in unrealized appreciation (depreciation)		9,611,554			(22,565,817	)		(48,567,901	)
Net Decrease In Net Assets Per Share Resulting From Operations (2)	$	(4.26	)	$	(9.31	)	$	(1.07	)
Net Realized and Unrealized (Loss) on Investments		(2,075,114	)		(30,430,799	)		(51,697,566	)
Net Decrease In Net Assets Resulting From Operations		(199,692	)	$	(29,349,220	)	$	(64,145,033	)
Net Decrease In Net Assets Per Share Resulting From Operations (2)		(0.03	)	$	(4.26	)	$	(9.31	)

(1)

Primary exposure is equity risk.

(2)

Per share results are calculated based on weighted average shares outstanding for each period.

See accompanying notes to financial statements

5653

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Cash Flows

	FOR THE YEAR ENDED DECEMBER 31, 2023				FOR THE YEAR ENDED DECEMBER 31, 2022					FOR THE YEAR ENDED DECEMBER 31, 2021
	FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023				FOR THE YEAR ENDED DECEMBER 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in Net Assets resulting from operations	$	(29199,~~349,220~~692	)	$	$(29,349,220	~~(64,145,033~~)	)	$	(64,145,033	$)	~~(7,387,744~~	)
Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities
Purchases of investments		(2,441	)		(140,000	)			(9,412,526	)
Purchases of investments		(140,000	)			(9,412,526	)				(17,350,000	)
Proceeds from disposition of investments		6,272,667			498,425				9,937,261
Proceeds from disposition of investments		498,425				9,937,261					16,104,357
Net purchases/sales from short-term investments		(672,035	)		598,921				(1,217,769	)
Net purchases/sales from short-term investments		598,921				(1,217,769	)				1,738,739
Increase (decrease) in dividends, interest, and reclaims receivable		5,290			6,302				11,471,179
Increase (decrease) in dividends, interest, and reclaims receivable		6,302				11,471,179					(5,757,044	)
Increase (decrease) in due to Custodian		127,478			-				(13,589	)
Increase (decrease) in due to Custodian		—				(13,589	)				13,589
Increase (decrease) in receivable in investment sold		(325,000	)		-				-
Increase (decrease) in payable to affiliates		(27,~~004~~156,~~405~~195	)		(2,004,405	~~1,485,273~~)			1,485,273		~~2,252,215~~
Increase (decrease) in other assets		~~417~~(341,107	)		417	—			-		~~(38,351~~	)
Increase (decrease) in accrued expenses and other payables		~~(41~~215,~~878~~668	)		(41,878	~~198,958~~)			198,958		~~(27,671~~	)
Net realized gain (loss) from investments		711,~~864~~686,~~982~~668			7,864,982	~~3,131,579~~			3,131,579		~~(11,753,065~~	)
Net unrealized appreciation (depreciation) from investments, other assets, and warrants transactions		22,565,817				48,568,071					22,204,246
Net unrealized appreciation (depreciation) from investments		(9,611,554	)		22,565,817				48,568,071
Net cash provided by (used in) operating activities		(~~639~~253	)		(639	~~3,404~~)			3,404		~~(729~~	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by (used in) financing activities		—				—					—
Net cash provided by financing activities		-			-				-
Net increase (decrease) in cash		(~~639~~253	)		(639	~~3,404~~)			3,404		~~(729~~	)
Cash and foreign currency - beginning of year		32,~~404~~765			3,404	—			-		~~729~~
Cash and foreign currency - end of year	$	2,~~765~~512		$	$2,765	~~3,404~~		$	3,404	$	—

See accompanying notes to financial statements

5754

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Firsthand Technology Value Fund, Inc.

Consolidated Statements of Changes in Net Assets

	FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021
	FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022
FROM OPERATIONS:
Net investment income (loss), net of deferred taxes	$	1,081,579		$	(12,447,467	)	$	3,063,437
Net investment income (loss), net of taxes	$	1,875,422		$	1,081,579			(12,447,467	)
Net realized gain (loss) from security transactions, foreign currency and warrants transactions, net of deferred taxes		(7,864,982	)		(3,129,665	)		11,753,065
Net realized (loss) from security transactions and foreign currency		(11,686,668	)		(7,864,982	)		(3,129,665	)
Net change in unrealized (depreciation) on investments and warrants transactions, net of deferred taxes		(22,565,817	)		(48,567,901	)		(22,204,246	)
Net change in unrealized appreciation (depreciation) on investments		9,611,554			(22,565,817	)		(48,567,901	)
Net decrease in net assets from operations		(29199,~~349,220~~692	)		(6429,~~145~~349,~~033~~220	)		(764,~~387~~145,~~744~~033	)
FROM CAPITAL SHARE TRANSACTIONS:
Value for shares repurchased		—-			—-			—-
TOTAL DECREASE IN NET ASSETS		(29199,~~349,220~~692	)		(6429,~~145~~349,~~033~~220	)		(764,~~387~~145,~~744~~033	)
NET ASSETS:
Beginning of year		301,~~609~~260,~~591~~371			9430,~~754~~609,~~624~~591			~~102~~94,~~142~~754,~~368~~624
End of year	$	1,~~260~~060,~~371~~679		$	301,~~609~~260,~~591~~371		$	9430,~~754~~609,~~624~~591
COMMON STOCK ACTIVITY:
Shares repurchased		—-			—-			—-
Net increase (decrease) in shares outstanding		—			—			—
Net increase in shares outstanding		-			-			-
Shares outstanding, beginning of year		6,893,056			6,893,056			6,893,056
Shares outstanding, end of year		6,893,056			6,893,056			6,893,056

See accompanying notes to financial statements

5855

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Firsthand Technology Value Fund, Inc.

Consolidated Financial Highlights
Selected per share data and ratios for a share outstanding throughout each year

	FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021			FOR THE YEAR ENDED DECEMBER 31, 2020			FOR THE YEAR ENDED DECEMBER 31, 2019
	FOR THE YEAR ENDED DECEMBER 31, 2024			FOR THE YEAR ENDED DECEMBER 31, 2023			FOR THE YEAR ENDED DECEMBER 31, 2022			FOR THE YEAR ENDED DECEMBER 31, 2021			FOR THE YEAR ENDED DECEMBER 31, 2020
Net asset value at beginning of year	$	40.4418		$	134.7544		$	1413.8275		$	1714.7082		$	2617.6970
Income from investment operations:
Net investment income (loss), before deferred taxes		0.16			(1.81	)		0.44	(1)		0.09	(1)		0.90	(1)
Net investment income (loss), before deferred taxes(1)		0.27			0.16			(1.81	)		0.44			0.09
Deferred tax benefit		—			—			—			—			0.08
Net realized and unrealized losses on investments, before deferred taxes		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(2.30	)
Net investment gain (losses)		0.16			(1.81	)		0.44			0.09			0.82
Tax expense		-			-			-			-			(1.13	)
Net realized and unrealized gains (losses) on investments, before deferred taxes		(4.42	)		(7.50	)		(1.51	)		(2.30	)		(12.15	)
Net realized and unrealized losses on investments, after deferred taxes		(0.30	)		(4.42	)		(7.50	)		(1.51	)		(3.43	)
Deferred tax expense		—			—			—			(1.13	)		2.34
Total from investment operations		(0.03	)		(4.26	)		(9.31	)		(1.07	)		(3.34	)
Net realized and unrealized gains (losses) on investments, after deferred taxes		(4.42	)		(7.50	)		(1.51	)		(3.43	)		(9.81	)
Total from investment operations		(4.26	)		(9.31	)		(1.07	)		(3.34	)		(8.99	)
Distributions from:
Realized capital gains		—-			—-			—-			—-			—-
Anti-dilutive effect from capital share transactions		—-			—-			—-			~~0.46~~-			—0.46
Net asset value at end of year	$	0.1815		$	40.4418		$	134.7544		$	1413.8275		$	1714.7082
Market value at end of year	$	0.3006		$	0.9530		$	40.0195		$	4.4701		$	64.4347
Total Return
Based on Net Asset Value		(9516.9567	)%		(6795.7195	)%		(767.2271	)%		(167.2722	)%		(3316.6827	)%
Based on Market Value		(6880.4200	)%		(7668.3142	)%		(1076.2931	)%		(3010.4829	)%		(4230.5948	)%
Net assets at end of year (millions)	$	1.1		$	1.3		$	30.6		$	94.8		$	102.1
Ratio of total expenses to average net assets:
Before tax expense		(195.48	)%		(7.21	)%		4.11	%		3.12	%		3.10	%
Tax expense(2)(3)		14.28	%		-			-			-			8.02%	(4)
Total expenses		(181.20	)%		(7.21	)%		4.11	%		3.12	%		11.12	%
Total expenses, excluding incentive fees and deferred tax expense		(195.48	)%		(7.21	)%		4.11	%		3.12	%		3.10	%
Total expenses, excluding incentive fees and deferred tax expense and fee waiver		121.49	%		11.91	%		4.11	%		3.12	%		3.10	%
Ratio of net investment income (loss) to average net assets:
Net investment income (loss)		206.76	%		8.13	%		(20.96	)%		2.94	%		0.64	%
Net investment income before fee waiver		(110.22	)%		(10.99	)%		(20.96	)%		2.94	%		0.64	%
Portfolio turnover rate		0	%		1	%		15	%		16	%		13	%

(1)	Calculated using average shares outstanding.
(2)	Tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses).
(3)	The tax expense is based on average net assets.
(4)	As restated to reflect the removal of parenthetical notation to appropriately present ratio as tax expense.

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Consolidated Financial Highlights - continued Selected per share data and ratios for a share outstanding throughout each year

Net assets at end of year (millions)	$	1.3		$	30.6		$	94.8		$	102.1		$	127.1
Ratio of total expenses to average net assets:
Before tax (benefit)/expense		(7.21	)%		4.11	%		3.12	%		3.10	%		(2.84	)%(2)
Deferred tax (benefit)/expense(3)(4)		—			—			—			8.02%	(5)		(9.91	)%
Total expenses		(7.21	)%		4.11	%		3.12	%		11.12	%		(12.75	)%(2)
Total expenses, excluding incentive fees and deferred tax expense		(7.21	)%		4.11	%		3.12	%		3.10	%		2.80	%
Total expenses, excluding incentive fees and deferred tax expenses and fee waiver		11.91	%		4.11	%		3.12	%		3.10	%		2.80	%
Ratio of net investment income (loss) to average net assets:
Before tax benefit		8.13	%		(20.96	)%		2.94	%		0.64	%		3.93%	(2)
Deferred tax benefit (4)(6)		—			—			—			—			(0.33	)%
Net investment income (loss)		8.13	%		(20.96	)%		2.94	%		0.64	%		3.60	%
Net investment income before fee waiver		(10.99	)%		(20.96	)%		2.94	%		0.64	%		3.60	%
Portfolio turnover rate		1	%		15	%		16	%		13	%		18	%

(1)	Calculated using average shares outstanding.
(2)	Amount includes the incentive fee. For the year ended December 31, 2019, the ratio of the incentive fee to average net assets was (5.64)%.
(3)	Deferred tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses).
(4)	The deferred tax expense and tax benefit are based on average net assets.
(5)	As restated to reflect the removal of parenthetical notation to appropriately present ratio as deferred tax expense.
(6)	Deferred tax benefit estimate for the ratio calculation is derived from net investment income (loss) only.

See accompanying notes to financial statements

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements

DECEMBER 31, ~~2023~~2024

NOTE 1. THE COMPANY

Firsthand Technology Value Fund, Inc. (the “Company,” the “Fund,” “us,” “our,” and “we”), is a Maryland corporation and an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company acquired its initial portfolio of securities through the reorganization of Firsthand Technology Value Fund, a series of Firsthand Funds, into the Company. The reorganization was completed on April 15, 2011. The Company commenced operations on April 18th, 2011. Under normal circumstances, the Company will invest at least 80% of its assets for investment purposes in technology companies, which are considered to be those companies that derive at least 50% of their revenues from products and/ or services within the information technology sector or the “cleantech” sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we will invest at least 70% of our assets in privately held companies and in public companies with market capitalizations less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of the Company’s capital base. The Company’s shares as of September 30. 2023 were listed on the NASDAQ Global Market under the symbol “SVVC.” Subsequent to September 30, on October 6, 2023, the Company notified NASDAQ of the fund’s intention to voluntarily delist. As of the date these financial statements were issued the Company’s shares are quoted on the OTCQB market under the symbol “SVVC.” Firsthand Capital Management, Inc., which was previously known as SiVest Group, Inc. (“FCM” or the “Advisor”), serves as the investment adviser to the Company.

On October 13, 2023, the Fund issued a press release announcing a plan to seek shareholder approval to withdraw its BDC election and pursue liquidation.

The Company is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

CONSOLIDATION OF SUBSIDIARIES. On May 8, 2015, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidiary (as defined by the 1940 Act) of the Company named Firsthand Venture Investors (“FVI”), a California general partnership formed on March 30, 2015. After the close of business on June 30, 2015, the Company contributed substantially all of its assets to FVI in return for a controlling general partner ownership interest in FVI. The transaction was completed on July 1, 2015. Under this structure, we have all or substantially all of our investment activities conducted through our fully owned subsidiary, FVI.

During the fiscal years ended December 31, 2016 and 2017, with the approval of its Board of Directors, the Company organized three separate fully owned and controlled subsidiaries (as defined by the 1940 Act). Each subsidiary was a Cayman Islands corporation and the financial statements of each subsidiary were reported on a consolidated basis with the Company. Each subsidiary was formed for the purpose of holding one or more investments made by the Company, and was treated as a controlled foreign corporation under the Internal Revenue Code not separately subject to U.S. federal income tax. FVI was treated as the sole U.S. shareholder of each subsidiary.

The Board of Directors of the Company approved the liquidation of those three Cayman subsidiaries on November 2, 2018. That liquidation was completed on December 27, 2018.

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Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the Company’s financial statements included in this report:

BASIS OF PRESENTATION. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-K. ASC 946, Financial Services—Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. Consequentially, as of December 31, 2018, the Company consolidated some special purpose entities. These special purpose entities only hold investments of the Company and have no other significant asset and liabilities. All significant intercompany transactions and balances have been eliminated in consolidation.

USE OF ESTIMATES. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

PORTFOLIO INVESTMENT VALUATIONS. Investments are stated at “value” as defined in the 1940 Act and in the applicable regulations of the Securities and Exchange Commission and in accordance with GAAP. Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market value of those securities for which a market quotation is readily available and (ii) the fair value as determined in good faith by the Advisor as the valuation designee appointed by the Board of Directors, and subject to oversight by the Board of Directors. On December 31, 2023, our financial statements include venture capital investments valued at approximately $4.7 million. The fair values of our venture capital investments were also determined by the Advisor as the valuation designee. Upon sale of these investments, the values that are ultimately realized may be different from what is presently estimated. The difference could be material. Also see note 6 regarding the fair value of the company’s investments.

CASH AND CASH EQUIVALENTS. The Company considers liquid assets deposited with a bank, investments in money market funds, and certain short-term debt instruments with maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay our expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

RESTRICTED SECURITIES. At December 31, ~~2023~~2024, we held $4315,~~797,872~~ 250 in restricted securities. At December 31, ~~2022~~2023, we held $354,~~929~~797,~~006~~ 872 in restricted securities.

INCOME RECOGNITION. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Other non-cash dividends are recognized as investment income at the fair value of the property received. When debt securities are determined to be non-income producing, the Company ceases accruing interest and writes off any previously accrued interest. These write-offs are recorded as an adjustment to interest income.

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Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

SHARE VALUATION. The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent.

REALIZED GAIN OR LOSS AND UNREALIZED APPRECIATION OR DEPRECIATION OF PORTFOLIO INVESTMENTS. A realized gain or loss is recognized when an investment is disposed of and is computed as the difference between the Company’s cost basis in the investment at the disposition date and the net proceeds received from such disposition. Realized gains and losses are calculated on a specific identification basis. Unrealized appreciation or depreciation is computed as the difference between the fair value of the investment and the cost basis of such investment.

INCOME TAXES. The Company provides for state and federal corporate income tax, as appropriate, because it is regarded as a corporation under Subchapter C of the Code. The Company recognizes interest and penalties in income tax expense.

FOREIGN CURRENCY TRANSLATION. The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operation resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social, or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

SECURITIES TRANSACTIONS. Securities transactions are accounted for on the date the transaction for the purchase or sale of the securities is entered into by the Company (i.e., trade date).

CONCENTRATION OF CREDIT RISK. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit.

OPTIONS. The Company is subject to equity price risk in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in the value of equities. The Company may purchase put and call options to attempt to provide protection against adverse price effects from anticipated changes in prevailing prices of securities or stock indices. The Company may also write put and call options. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written.

Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

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Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

DERFERRED COMPENSATION. On December 26, 2022, the Company adopted a deferred compensation plan (the "Plan") for its eligible directors which allows such directors to defer some or all of their fees for services as Directors to the Fund. Under the terms of the Plan, deferred compensation withheld is notionally invested in the Fund's common stock using the net asset value per share on the date such compensation would have otherwise been payable. The ~~payment~~average ~~due~~monthly tovolume ~~eligible participants is valued using the net asset value~~ of the ~~fund at the time the payment is due. As of September 30, 2023, each of the Fund'~~Company’s ~~eligible~~derivatives ~~directors~~during ~~has deferred 50% of their compensation at~~ the ~~earlier~~year ofended ~~January~~December 131, ~~2025~~2024 oris ~~their~~as ~~separation of service from the Fund.~~follows:

The average quarterly volume of the Company’s derivatives during the year ended December 31, 2023 is as follows:

		PURCHASED OPTIONS (CONTRACTS)				WARRANTS (NOTIONAL VALUE)				WRITTEN OPTIONS (CONTRACTS)
Firsthand Technology Value Fund, Inc.			-				12,671				-

		PURCHASED OPTIONS (CONTRACTS)				WARRANTS (NOTIONAL VALUE)				WRITTEN OPTIONS (CONTRACTS)
Firsthand Technology Value Fund, Inc.			—				791,176				—

DEFERRED COMPENSATION. On December 26, 2022, the Company adopted a deferred compensation plan (the "Plan") for its eligible directors which allows such directors to defer some or all of their fees for services as Directors to the Fund. Under the terms of the Plan, deferred compensation withheld is notionally invested in the Fund's common stock using the net asset value per share on the date such compensation would have otherwise been payable. The amounts deferred are booked as a liability on the Company's balance sheet, and the value of that liability will track the net asset value of the Company's common stock, as if it were invested in that common stock. The payments due to eligible participants are valued using the net asset value of the fund at the time the payments are due. As of December 31, 2024, each of the Fund's eligible directors has deferred 50% of their 2024 and 2023 compensation to the earlier of January 1, 2025, and January 1, 2026, respectively, or their separation of service from the Fund. Since the value of the notional shares track the Fund’s NAV on a quarterly basis, the accrued liability and expense for directors' fees may fluctuate significantly quarter to quarter in response to fluctuations in the Fund’s NAV. It is intended and expected that any eventual payout of the accrued liability calculated based on the notional shares shall be commensurate with the deferred portion of director compensation and would only be greater if the Fund’s NAV increased subsequent to the date(s) of the quarterly compensation deferral.

NOTE 3. BUSINESS RISKS AND UNCERTAINTIES

We invest a substantial portion of our assets in privately-held companies, the securities of which are inherently illiquid. We also seek to invest in small publicly-traded companies that we believe have exceptional growth potential and to make opportunistic investments in publicly-traded companies, both large and small. In the case of investments in small publicly-traded companies, although these companies are publicly traded, their stock may not trade at high volumes, and prices can be volatile, which may restrict our ability to sell our positions. We may also be subject to contractual restrictions or securities law limits on our ability to sell portfolio holdings because of, for example, our affiliation with a portfolio company or the relative size of our holding in a company. These privately held and publicly traded businesses tend to lack management depth, have limited or no history of operations and typically have not attained profitability. Because of the speculative nature of our investments and the lack of public markets for privately held investments, there is greater risk of loss than is the case with traditional investment securities.

We do not choose investments based on a strategy of diversification. We also do not rebalance the portfolio should one of our portfolio companies increase in value substantially relative to the rest of the portfolio. Therefore, the value of our portfolio may be more vulnerable to events affecting a single sector, industry or portfolio company and, therefore, may be subject to greater volatility than a company that follows a diversification strategy.

Because there is typically no public or readily-ascertainable market for our interests in the small privately-held companies in which we invest, the valuation of those securities is determined in good faith by the Valuation Committee, comprised of all members of the Board who are not “interested persons” of the Company, as such term is defined in Section 2(a)(19) of the 1940 Act, in accordance with our Valuation Procedures and is subject to significant estimates and judgments. The determined value of the securities in our portfolio may differ significantly from the values that would be placed on these securities if a ready market for the securities existed. Any changes in valuation are recorded in our Statement of Operations as “Net increase (decrease) in unrealized appreciation on investments.” Changes in valuation of any of our investments in privately-held companies from one period to another may be volatile.

The Board has engaged an independent valuation firm to provide it with valuation assistance with respect to certain of our portfolio investments. The Company intends to continue to engage an independent valuation firm to provide us with assistance regarding our determination of the fair value of select portfolio investments each quarter unless directed by the Board to cancel such valuation services. The scope of the services rendered by an independent valuation firm is at the discretion of the Board. The Board is ultimately and solely responsible for determining the fair value of the Company’s investments in good faith.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Board has approved a multi-step valuation process to be followed each quarter, as described below:

(1)

each quarter the valuation process begins with each portfolio company or investment being initially valued by the Advisor’s Valuation Committee or the independent valuation firm;

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Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

(2)

the Valuation Committee of the Board on a quarterly basis reviews the preliminary valuation of the Advisor’s Valuation Committee and that of the independent valuation firms and makes the fair value determination, in good faith, based on the valuation recommendations of the Advisor’s Valuation Committee and the independent valuation firms; and

(3)

at each quarterly Board meeting, the Board considers the valuations recommended by the Advisor’s Valuation Committee and the independent valuation firms that were previously submitted to the Valuation Committee of the Board and ratifies the fair value determinations made by the Valuation Committee of the Board.

NOTE 4. INVESTMENT MANAGEMENT FEE

The Company has entered into an investment management agreement (the “Investment Management Agreement”) with FCM pursuant to which the Company will pay FCM a fee for providing investment management services consisting of two components—a base management fee and an incentive fee.

The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), commencing on April 15, 2011, and equals 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees, provided that the incentive fee determined as of December 31, ~~2023~~2024, will be calculated for a period of shorter than twelve calendar months to take into account any realized gains computed net of all realized capital losses and unrealized capital depreciation from inception. For the year ended December 31, ~~2023~~2024, there were no Incentive fee adjustments. For the year ended December 31, ~~2022~~2023, there were no incentive fee adjustments. For the year ended December 31, ~~2021~~2022, there were no incentive fee adjustments.

Effective September 30, 2023, the Company ~~has~~ entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM ~~agrees~~agreed to (1) waive future accruals of the base management fee starting October 1, 2023, through December 31, 2024, with future recoupment to the extent permitted by the Investment Management Agreement, and (2) waive $2.5 million of base management fee that has been accrued but unpaid prior to but unpaid as of September 30, 2023. Any accrued base management fee waived under section (2) may be recouped by FCM within ten years.

Effective March 31, 2024, the Company entered into a fee waiver agreement with FCM (the “Fee Waiver Agreement”). Pursuant to the terms of the Fee Waiver Agreement, FCM agreed to waive $3.0 million of base management fee that has been accrued but unpaid prior to but unpaid as of March 31, 2024. Any accrued base management fee waived may be recouped by FCM within ten years.

NOTE 5. DEBT

The Company currently has no plan to use leverage and does not have any significant outstanding debt obligations (other than normal operating expense accruals).

NOTE 6. FAIR VALUE

Securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ Stock Market, Inc. (“NASDAQ”) official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price.

Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE.

Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market.

Securities and other assets that do not have market quotations readily available are valued at their fair value as determined by FCM, as the Board’s valuation designee under SEC rule 2a-5. Those valuations are determined in accordance with the Valuation Procedures used by FCM, subject to oversight by the Board.

In pricing illiquid, privately placed securities, FCM, as the valuation designee, is responsible for (1) determining overall valuation guidelines and (2) ensuring that the investments of the Company are valued within the prescribed guidelines.

FCM and the Board receive information and recommendations from an independent valuation firm.

The values assigned to these investments are based on available information and do not necessarily represent amounts that might ultimately be realized when that investment is sold, as such amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated or become readily marketable.

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, 2024

APPROACHES TO DETERMINING FAIR VALUE. GAAP. defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In effect, GAAP applies fair value terminology to all valuations whereas the 1940 Act applies market value terminology to readily marketable assets and fair value terminology to other assets.

The main approaches to measuring fair value utilized are the market approach, the income approach, and the asset-based approach. The choice of which approach to use in a particular situation depends on the specific facts and circumstances associated with the company, as well as the purpose for which the valuation analysis is being conducted. Firsthand and the independent valuation firm rely primarily on the market approach. We also considered the income and asset-based approaches in our analysis because certain of the portfolio companies do not have substantial operating earnings relative to the value of their underlying assets.

Market Approach (M): The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For example, the market approach often uses market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range each appropriate multiple falls requires the use of judgment in considering factors specific to the measurement (qualitative and quantitative).

Income Approach (I): The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Those valuation techniques include present value techniques; option-pricing models, such as the Black-Scholes-Merton formula (a closed-form model) and a binomial model (a lattice model), which incorporate present value techniques; and the multi-period excess earnings method, which is used to measure the fair value of certain assets.

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, 2023

Asset-Based Approach (A): The asset-based approach examines the value of a company’s assets net of its liabilities to derive a value for the equity holders.

FAIR VALUE MEASUREMENT. In accordance with the guidance from the Financial Accounting Standards Board on fair value measurements and disclosures under GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 -

Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the date of measurement.

Level 2 -

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments in an active or inactive market, interest rates, prepayment speeds, credit risks, yield curves, default rates, and similar data.

Level 3 -

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Company’s net assets as of December 31, ~~2023~~2024:

ASSETS	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT ~~UNOBSERVABLE~~OBSERVABLE INPUTS
Common Stocks
Advanced Materials	$	—-	$	—-	$	~~299~~260,~~932~~497
Equipment Leasing		—		—		55
Total Common Stocks		-		-		260,497
Semiconductor Equipment		3,862,405		—		—
Preferred Stocks
Total Common Stocks		3,862,405		—		299,987
Equipment Leasing		-		-		29,466
Total Preferred Stocks		-		-		29,466
Convertible and Non-Convertible Notes
Medical Devices		-		-		25,287
Total Convertible and Non-Convertible Notes		-		-		25,287
Mutual Funds		745,224		-		-
Total	$	745,224	$	-	$	315,250

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, 2023

ASSETS (continued)	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Preferred Stocks
Equipment Leasing		—		—		110,172
Total Preferred Stocks		—		—		110,172
Asset Derivatives *
Equity Contracts		—		—		—
Total Asset Derivatives		—		—		—
Convertible Notes
Advanced Materials		—		—		100,000
Aerospace		—		—		4,200,000
Medical Devices		—		—		87,713
Total Convertible Notes		—		—		4,387,713
Mutual Funds		73,502		—		—
Total	$	3,935,907	$	—	$	4,797,872

* Asset derivatives include warrants.

At the end of each calendar quarter, management evaluates the Level 2 and Level 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

The following is a summary of the inputs used to value the Company’s net assets as of December 31, ~~2022~~2023.

ASSETS	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks
Advanced Materials	$	—	$	—	$	337,500
Automotive		—		—		546
Equipment Leasing		—		—		11,130
Intellectual Property		—		—		111
Semiconductor Equipment		3,520,496		—		—
Total Common Stocks		3,520,496		—		349,287

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

ASSETS (continued)	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
ASSETS	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks
Advanced Materials	$	-	$	-	$	299,932
Equipment Leasing		-		-		55
Semiconductor Equipment		3,862,405		-		-
Total Common Stocks		3,862,405		-		299,987
Preferred Stocks
Aerospace	$	—	$	—	$	384,067
Equipment Leasing		-		-		110,172
Automotive		—		—		1,049,478
Total Preferred Stocks		-		-		110,172
Equipment Leasing		—		—		865,995
Intellectual Property		—		—		737,112
Total Preferred Stocks		—		—		3,036,652
Asset Derivatives *
Equity Contracts		—-		—-		~~957,125~~-
Total Asset Derivatives		—-		—-		~~957,125~~-
Convertible Notes
Advanced Materials		—-		—-		100,000
Aerospace		—-		—-		64,~~559~~200,~~791~~000
Automotive		—		—		7,809,430
Medical Devices		-		-		87,713
Medical Devices		—		—		17,116,721
Total Convertible Notes		-		-		4,387,713
Total Convertible Notes		—		—		31,585,942
Mutual Funds		73,502
Mutual Funds		672,422		—		—
Total	$	3,935,907	$	-	$	4,797,872
Total	$	4,192,918	$	—	$	35,929,006

* Asset derivatives include warrants. 63

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

Following is a reconciliation of Level 3 assets (at either the beginning or the ending of the period) for which significant unobservable inputs were used to determine fair value.

INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	BALANCE AS OF 12/31/2223		NET PURCHASES/ CONVERSIONS		NET SALES/ CONVERSIONS			NET REALIZED GAINS/ (LOSSES)			NET UNREALIZED APPRECIATION (DEPRECIATION) (1)			TRANSFERS IN (OUT) OF LEVEL 3		BALANCE AS OF 12/31/2324
Common Stocks
Advanced Materials	$	~~337~~299,~~500~~932	$	—-	$	—-		$	—-		$	(3739,~~568~~435	)	$	—-	$	~~299~~260,~~932~~497
Automotive		546		—		—			—			(546	)		—		55
Equipment Leasing		55		-		-			-			(55	)		-		-
Equipment Leasing		11,130		—		—			—			(11,075	)		—		—
Semiconductor Equipment		-		-		-			-			(3,862,405	)		3,862,405		-
Intellectual Property		111		—		(7,966	)		(161,079	)		168,934			—		—
Total Common Stocks		299,987		-		-			-			(3,901,895	)		3,862,405		260,497
Total Common Stocks		349,287		—		(7,966	)		(161,079	)		119,745			—		299,987
Preferred Stocks
Aerospace		~~384,067~~-		—2,441		—(156,405	)		—(11,083,138	)		~~(384~~11,~~067~~237,102	)		—-		—-
Automotive		1,049,478		—		—			—			(1,049,478	)		—		—
Equipment Leasing		110,172		-		(20,000	)		-			(60,706	)		-		29,466
Equipment Leasing		865,995		—		—			—			(755,823	)		—		110,172
Total Preferred Stocks		110,172		2,441		(176,405	)		(11,083,138	)		11,176,396			-		29,466
Intellectual Property		737,112		—		(490,456	)		(7,697,241	)		7,450,585			—		—
Total Preferred Stocks		3,036,652		—		(490,456	)		(7,697,239	)		5,261,217			—		110,172
Asset Derivatives
Equity Contracts		957,125		—		—			(6,678	)		(950,447	)		—		—
Total Asset Derivatives		957,125		—		—			(6,678	)		(950,447	)		—		—
Convertible and Non-Convertible Notes
Advanced Materials		100,000		—-		—(100,000	)		—-			—-			—-		~~100,000~~-
Aerospace		64,~~559~~200,~~791~~000		—-		—(5,956,261	)		—(603,530	)		(2,359,791	)		—-		~~4,200,000~~-
Automotive		~~7,809,430~~-		~~140,000~~-		—(40,000	)		—-			(740,~~949,430~~000	)		—-		—-
Medical Devices		1787,~~116,721~~713		—-		—-			—-			(1762,~~029,008~~426	)		—-		8725,~~713~~287
Total Convertible Notes		31,585,942		140,000		—			—			(27,338,229	)		—		4,387,713
Total Convertible and Non-Convertible Notes		4,387,713		-		(6,096,261	)		(603,530	)		2,337,365			-		25,287
Total	$	354,~~929~~797,~~006~~872	$	~~140~~2,~~000~~441	$	(~~498~~6,~~422~~272,666	)	$	(711,~~864~~686,~~998~~668	)	$	~~(22~~9,~~907~~611,~~714~~866	)	$	—3,862,405	$	4315,~~797,872~~250

(1) The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of December 31, ~~2023~~2024 was $~~(30~~9,~~530~~611,~~677)~~866.

6964

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

Following is a reconciliation of Level 3 assets (at either the beginning or the ending of the period) for which significant unobservable inputs were used to determine fair value as of December 31, 2023.

INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	BALANCE AS OF 12/31/2122		NET PURCHASES/ CONVERSIONS		NET SALES/ CONVERSIONS			NET REALIZED GAINS/ (LOSSES)			NET UNREALIZED APPRECIATION (DEPRECIATION) (1)			TRANSFERS IN (OUT) OF LEVEL 3		BALANCE AS OF 12/31/~~2022~~23
Common Stocks
Advanced Materials	$	~~613~~337,~~650~~500	$	—-	$	—-		$	—-		$	(~~276~~37,~~150~~568	)	$	—-	$	~~337~~299,~~500~~932
Automotive		~~1,126~~546		—-		—-			—-			(~~580~~546	)		—-		~~546~~-
Equipment Leasing		3111,~~490~~130		—-		—-			—-			(2011,~~360~~075	)		—-		~~11,130~~55
Intellectual Property		~~277~~111		—-		—(7,966	)		—(161,079	)		~~(166~~168,934	)		—-		~~111~~-
Total Common Stocks		~~646~~349,~~543~~287		—-		—(7,966	)		—(161,079	)		~~(297~~119,~~256~~745	)		—-		~~349~~299,~~287~~987
Preferred Stocks
Aerospace		~~324~~384,~~245~~067		—-		—-			—-			59(384,~~822~~067	)		—-		~~384,067~~-
Automotive		1,~~777~~049,~~068~~478		—-		—-			—-			(~~727~~1,~~590~~049,478	)		—-		~~1,049,478~~-
Equipment Leasing		1865,~~898,420~~995		—-		~~(350,000~~-	)		—-			(~~682~~755,~~425~~823	)		—-		~~865~~110,~~995~~172
Intellectual Property		1737,~~050,442~~112		—-		—(490,456	)		—(7,697,241	)		~~(313~~7,~~330~~450,585	)		—-		~~737,112~~-
Medical Devices		670,062		—		—			—			(670,062	)		—		—
Total Preferred Stocks		3,036,652		-		(490,456	)		(7,697,241	)		5,261,217			-		110,172
Semiconductor Equipment		280,160		—		—			(4,082,192	)		3,802,032			—		—
Total Preferred Stocks		6,000,397		—		(350,000	)		(4,082,192	)		1,468,447			—		3,036,652
Asset Derivatives
Equity Contracts		~~802~~957,~~210~~125		—-		—-			—(6,678	)		~~154~~(950,~~915~~447	)		—-		~~957,125~~-
Total Asset Derivatives		~~802~~957,~~210~~125		—-		—-			—(6,678	)		~~154~~(950,~~915~~447	)		—-		~~957,125~~-
Convertible Notes
Convertible and Non-Convertible Notes
Advanced Materials		100,000		—-		—-			—-			—-			—-		100,000
Aerospace		46,~~380~~559,~~000~~791		~~7,414,791~~-		~~(5,235,000~~-	)		—-			—(2,359,791	)		—-		64,~~559~~200,~~791~~000
Automotive		217,~~404~~809,~~015~~430		2140,~~625,~~000		—-			—-			(167,~~219~~949,~~585~~430	)		—-		~~7,809,430~~-
Medical Devices		2617,~~411~~116,~~129~~721		~~2,400,000~~-		—-			—-			(1117,~~694~~029,~~408~~008	)		-		1787,~~116,721~~713
Total Convertible Notes		5231,~~295~~585,~~144~~942		12140,~~439,791~~000		~~(5,235,000~~-	)		—-			(27,~~913~~338,~~993~~229	)		—-		314,~~585~~387,~~942~~713
Total	$	5935,~~744~~929,~~294~~006	$	12140,~~439,791~~000	$	(5498,~~585,000~~422	)	$	(47,~~082~~864,~~192~~998	)	$	(2622,~~587~~907,~~887~~714	)	$	—-	$	354,~~929~~797,~~006~~872

(1) The net change in unrealized appreciation (depreciation) from Level 3 instruments held as of December 31, ~~2022~~2023 was $(3022,~~670~~907,~~079~~714).

7065

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

The table below represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements at December 31, ~~2023~~2024:

	FAIR VALUE AT 12/31/23	VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(2)
	FAIR VALUE AT 12/31/24	VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(2)
Direct venture capital investments: Advanced Materials	$0.4M3M	Market Comparable Companies Option Pricing Model	~~EBITDA~~Reverse Multiple(3) Years to Maturity(3) Volatility(23) Risk-Free Rate(3) Discount for Lack of Marketability(4)	0.8x – 1.0x (01.9x0x) 5 years (5 years) 50.0% (50%) 34.8438% (34.8438%) 22.78% (22.78%)
Direct venture capital investments: Aerospace	$4.2M	Market Comparable Companies	EBITDA Multiple(3)	2.1x – (2.1x)
Direct venture capital investments: Automotive	$0.0M	Liquidation Value	Market Value of Invested Capital(3)	$0 ($0)
Direct venture capital investments: Automotive	$0.0M	Liquidation Value	Market Value of Invested Capital	$0 - ($0)
Direct venture capital investments: Equipment Leasing	$0.0M	Cash Value Option Pricing Model	Years to Maturity(3) Volatility(3) Risk-Free Rate(3)	5 years (5 years) 50.0% (50.0%) 4.38% (4.38%)
Direct venture capital investments: Equipment Leasing	$0.1M	Liquidation Value Option Pricing Model	Years to Maturity(3) Volatility(3) Risk-Free Rate (3)	5 years (5 years) 50.0% (50.0%) 3.84% (3.84%)
Direct venture capital investments: Medical Devices	$0.0M	Market Comparable Companies Market Comparable Transactions	Revenue Multiple(3) Risk Free Rate(3) Going Concern Probability(2) Volatility(3)	0.7x – 1.1x (0.9x) 4.27% (4.27%) 10% (10%) 55% (55%)
Direct venture capital investments: Medical Devices	$0.1M	Market Comparable Companies	Revenue Multiple(3) Risk Free Rate	1.2x – 1.5x (1.4x) 4.01%(4.01%)
Direct venture capital investments: Semiconductor Equipment	$0.0M	Recent Transactions	Equity Proceeds from Private Transactions(3)	$0 ($0)

(1) As of December 31, ~~2022~~2023, the Fund used ~~Prior~~Liquidation ~~Transaction~~Value ~~Analysis~~ and Market Comparable Companies approaches to value certain investments. As of December 31, ~~2023~~2024, the Fund discontinued ~~use of~~ these approaches in certain cases in which more reliable indications of value were developed..

(2)

Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

(3)

An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation.

(4) An increase in the ~~input~~inputs would result in a decrease in the ~~security’s~~securities valuation; a decrease in the input would result in an increase in the security’'s valuation.

7166

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

Changes in any of our unobservable inputs, individually, may change the fair value of certain of the Company’s investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. The below chart represents quantitative disclosure about significant unobservable inputs for Level 3 fair value measurements at December 31, ~~2022~~2023:

	FAIR VALUE AT 12/31/22	VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(2)
	FAIR VALUE AT 12/31/23	VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(2)
Direct venture capital investments: Advanced Materials	$0.2M4M	Market Comparable Companies Option Pricing Model	EBITDA Multiple(3) ~~Revenue Multiple(3)~~ Years to Maturity(3) Volatility(3) Risk-Free Rate(3) Discount for Lack of Marketability(34)	~~5.7x~~8x ~~- 7.6x (6.7x) 0.7x~~ – 1.0x (0.9x) 5 years (5 years) 50.0% (50.0%) 3.9984% (3.9984%) 22.7% (22.7%)
Direct venture capital investments: Aerospace	$74.9M2M	Market Comparable Companies ~~Option Pricing Model~~	EBITDA Multiple(3) ~~Years to Maturity(3) Volatility(3) Risk-Free Rate(3)~~	52.2x1x – (52.2x1x) ~~5 years (5 years) 60.0% (60.0%) 3.99% (3.99%)~~
Direct venture capital investments: Automotive	$80.9M0M	~~Prior~~Liquidation ~~Transaction Analysis Option Pricing Model Probability-Weighted Expected Return Method~~Value	~~Years~~Market toValue ~~Maturity(3) Volatility(3) Risk-Free Rate(3) Discount for Lack~~ of ~~Marketability(4)~~Invested ~~Going Concern Probability~~Capital(3)	~~5 years (5 years) 50.~~$0% ~~(50.0%)~~- ~~3.99%~~ (~~3.99%)~~ $0~~.0% – 22.7% (0%~~) ~~10% (10%)~~
Direct venture capital investments: Equipment Leasing	$0.9M1M	~~Market Comparable Companies~~ Liquidation Value Option Pricing Model	~~EBITDA Multiple(3)~~ Years to Maturity(3) Volatility(3) Risk-Free Rate(3)	~~2.6x - 3.5x 3.2x)~~ 5 years (5 years) 50.0% (50.0%) 3.9984% (3.9984%)
Direct venture capital investments: Medical Devices	$0.1M	Market Comparable Companies	Revenue Multiple(3) Risk Free Rate(3)	1.2x – 1.5x (1.4x) 4.01%(4.01%)

72 (1) As of December 31, 2022, the Fund used Prior Transaction Analysis and Market Comparable Companies approaches to value certain investments. As of December 31, 2023, the Fund discontinued use of these approaches in certain cases in which more reliable indications of value were developed..

(2)

Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

(3)

An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation.

(4)

An increase in the inputs would result in a decrease in the securities valuation; a decrease in the input would result in an increase in the security's valuation.

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

continued	FAIR VALUE AT 12/31/22	VALUATION TECHNIQUES(1)	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVG.)(2)
Direct venture capital investments: Intellectual Property	$0.2M	Discounted Cash Flow Option Pricing Model	Weighted Average Cost of Capital(4) Years to Maturity(3) Volatility(3) Risk-Free Rate(3) Discount for Lack of Marketability(4)	12.5% (12.5%) 5 years (5 years) 55.0% (55.0%) 3.99% (3.99%) 0.0% - 24.3% (0.0%)
Direct venture capital investments: Medical Devices	$17.1M	Market Comparable Companies	Revenue Multiple(3)	2.2x – 2.5x (2.3x)

(1) As of December 31, 2022, the Fund used various methods to develop fair market estimates.

(2) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

(3) An increase in the input would result in an increase in the security’s valuation; a decrease in the input would result in a decrease in the security’s valuation.

(4) An increase in the input would result in an decrease in the security’s valuation; a decrease in the input would result in a increase in the security’s valuation.

NOTE 7. FEDERAL INCOME TAXES

Beginning in 2018, we were no longer able to qualify as a RIC under Subchapter M of the Code. The increase in value that resulted from the initial public offerings (IPOs) of Pivotal Systems and Revasum meant that we were no longer able to satisfy the diversification requirements for qualification as a RIC. As a result of this change, we were taxed as a corporation for our fiscal year ended December 31, 2018, and will continue to be taxed in that manner for future fiscal years, paying federal and applicable state corporate taxes on our taxable income, unless and until we are able to once again qualify as a RIC, based on changes in the composition of our portfolio. Consequently, at the close of each fiscal quarter beginning with the quarter ended June 30, 2018, we will record a deferred tax liability for any net realized gains and net ordinary income for the year-to-date period plus net unrealized gains as of the end of the quarter.

The reorganization described in Note 1 (the formation of FVI as a fully owned subsidiary for investment activities) was structured to avoid any adverse tax consequences for the Company and its shareholders. For the fiscal years which the Company operates as a RIC, we believe Company’s engaging in investment activities through FVI did not, in our view, jeopardize the Company’s ability to continue to qualify as a RIC under the Code at that time when the Company was eligible to be treated as a RIC.

7368

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

The following information is based upon the U.S. federal income tax cost of portfolio investments as of December 31, ~~2023~~2024.

	FEDERAL INCOME TAX COST:
Gross unrealized appreciation	$	—-
Gross unrealized depreciation		(~~125~~115,~~233~~622,~~890~~024	)
Net unrealized (depreciation)	$	(~~125~~115,~~233~~622,~~890~~024	)
Federal income tax cost, Investments	$	~~133~~116,~~967~~682,~~669~~498

The Company did not qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code, therefore it is taxed as a corporation. As a corporation, the Company is obligated to pay federal and state income tax on taxable income. The Company’s net deferred tax asset balance has a full valuation allowance based on management’s estimate of future realization of such assets. The Company is currently using an estimated tax rate of 21% for Federal and 6.98% for state taxes.

The Company’s income tax provision consists of the following as of December 31, 2024 and 2023:

	2023		2022
	2024		2023
Deferred tax (expense)/benefit
Federal	$	—-	$	—-
State		—-		—-
Total deferred tax (expense)/benefit	$	—-	$	—-

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Such temporary differences are principally: (i) taxes on unrealized gains/(losses), which are attributable to the temporary difference between fair market value and tax basis, and (ii) the net tax benefit of accumulated net operating losses and capital loss carryforwards. Deferred tax assets and liabilities are measured using effective tax rates expected to apply to taxable income in the years such temporary differences are realized or otherwise settled.

Components of the Company’s deferred tax assets and liabilities as of December 31, ~~2023~~ 2024 and ~~2022~~ 2023 are as follows:

	2023			2022
	2024			2023
Deferred tax assets:
Net operating loss carryforward	$	3,~~465~~243,~~923~~806		$	43,~~616~~465,~~720~~923
Capital loss carryforward		98,~~161~~449,~~034~~388			69,~~960~~161,~~412~~034
Net unrealized losses (gains) on investment securities		3532,~~040~~351,~~442~~042			2835,~~726~~040,~~530~~442
Total deferred tax assets, net		4744,~~667~~044,~~399~~236			4047,~~303~~667,~~662~~399
Valuation allowance		(4744,~~667~~044,~~399~~236	)		(4047,~~303~~667,~~662~~399	)
Net	$	—-		$	—-

For the year ended December 31, ~~2023~~2024, the Company had an effective tax rate of 0% and a statutory tax rate of 21% (27.98% with state income tax) with the difference being attributable to changes in the components of the deferred tax assets and the valuation allowance account.

7469

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

For the year ended December 31, ~~2022~~2023, the Company had an effective tax rate of 0% and a statutory tax rate of 21% (27.98% with state income tax) with the difference being attributable to changes in the components of the deferred tax assets and the valuation allowance account.

To the extent the Company has a deferred tax asset or if a portion of the deferred tax liability is offset by a tax asset resulting from net operating losses, consideration is given to whether or not a valuation allowance is required against the deferred tax asset amount. A valuation allowance is required if, based on the evaluation criterion provided by Accounting Standard Codification (“ASC”) 740, Income Taxes (ASC 740), it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized. Among the factors considered in assessing the Company’s valuation allowance are: the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of the statutory carryforward periods, and the associated risks that operating and capital loss carryforwards may expire unused. Based on the Company’s assessment, it has determined that in the future it is more likely than not that the Company will not generate the necessary appropriate character of income within the carryforward periods to realize its deferred tax assets, and as such, has placed a full allowance on the deferred tax assets.

From time to time, and as new information becomes available, the Company will modify its forecasts, estimates or assumptions regarding its deferred tax liability or asset.

Modifications of the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on net operating losses (if any), and changes in applicable tax law could result in increases or decreases in the Company’s NAV, which could be material. Such changes could have a material impact on the Company’s NAV and results of operations with respect to the Company’s shareholders in the period it is recorded, even though the shareholders at such time might not have held shares in the Company at the time the deferred tax asset or liability had been established.

The Company’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of December 31, ~~2022~~2024, the Company did not have any interest or penalties associated with the underpayment of any income taxes.

The Company files income tax returns in the U.S. federal jurisdiction and California. The Company has reviewed all major jurisdictions and concluded that there is no significant impact on the Company’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions expected to be taken on its tax returns. Furthermore, management of the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

As of December 31, ~~2023~~2024, the Company had net operating loss carryforwards for federal and state of income tax purposes of $1211,~~387~~593,~~144~~301 which may be carried forward indefinitely.

As of December 31, ~~2023~~2024, the Company had net capital loss carryforwards for federal and state income tax purposes, which may be carried forward for 5 years, as follows:

EXPIRATION DATE	AMOUNT
12/31/24	$	14,230,073
12/31/25	$	7,516,642
12/31/25		7,516,642
12/31/27		3,129,665
12/31/28		7,864,982
Total	$	32,741,364
12/31/29		11,686,668
Total	$	30,197,957

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Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

NOTE 8. INVESTMENT TRANSACTIONS

Investment transactions (excluding short-term investments) were as follows for the year ended December 31, ~~2023~~2024.

PURCHASES AND SALES
Purchases of investment securities	$	~~140~~2,~~000~~441
Proceeds from sales and maturities of investment securities	$	~~(498~~6,~~425~~272,667	)

The Fund may purchase securities from, or sell securities to, an affiliated Fund under specific conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another Fund or portfolio that is or could be considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees, and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, ~~2023~~2024, ~~the~~ Firsthand Technology Value Fund did not purchase or sell securities to an affiliated fund.

NOTE 9. SHARE BUYBACKS

SHARE BUYBACKS. On April 26, 2016, the Board of Directors of the Fund approved a discretionary share repurchase plan (the “Plan”). Pursuant to the Plan, the Fund was authorized to purchase in the open market up to $2 million worth of its common stock. The Plan allowed the Fund to acquire its own shares at certain thresholds below its NAV per share, in accordance with the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The intent of the Plan was to increase NAV per share and thereby enhance shareholder value. The Fund completed the repurchase plan in September 2016, having repurchased and retired a total of 272,008 shares of stock, at a total cost of approximately $2 million.

On November 10, 2017, the Board of Directors of the Fund approved a discretionary share purchase plan (the “Plan”). Pursuant to the Plan, the Fund was authorized to purchase in the open market up to $2 million worth of its common stock. The Plan allowed the Fund to acquire its own shares in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The intent of the Plan was to increase NAV per share and thereby enhance shareholder value. As of December 31, 2017, the Fund had repurchased and retired 128,551 shares of stock at a total cost of approximately $1.1 million. The Fund had 7,302,146 shares outstanding as of December 31, 2017.

On August 31, 2018, the Fund announced a plan to repurchase up to $2 million worth of SVVC stock in the open market by March 31, 2019. The Fund completed this open market repurchase plan on October 24, 2018. Through that date, the Fund repurchased 123,376 shares at an average price of $16.21 per share, for total consideration of $2.0 million. As of December 31, 2018, the Fund had 7,178,770 shares outstanding.

TENDER OFFERS. On December 22, 2014, pursuant to our agreement with a shareholder, the Fund commenced a tender offer to purchase up to $20 million of its issued and outstanding common shares for cash at a price per share equal to 95% of the Company’s NAV per share determined as of the close of ordinary trading on the NASDAQ Global Market on December 31, 2014 ($23.2702 per share). The tender offer, which expired on January 22, 2015 at 12:00 midnight,

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New York City time, was oversubscribed. Because the number of shares tendered exceeded the maximum amount of its offer, the Fund purchased shares from tendering shareholders on a pro-rata basis based on the number of shares properly tendered. Of the 5,044,728 shares properly tendered, the Fund purchased 859,468 shares of common stock pursuant to the tender offer.

On December 16, 2019, the Fund announced the commencement of a “modified Dutch auction” tender offer to purchase up to $2 million of its common stock at a price per share not less than $6.00 and not greater than $8.00, in $0.10 increments. The tender offer expired on February 14, 2020, and resulted in the purchase by the Fund of 285,714 shares of common stock at a price of $7.00 per share. As of March 31, 2020, the Fund had 6,893,056 shares outstanding.

NOTE 10. INVESTMENTS IN AFFILIATES AND CONTROLLED INVESTMENTS

Under the 1940 Act, the Company is required to identify investments where it owns greater than 5% (but less than 25%) of the portfolio company’s outstanding voting shares as an affiliate of the Company. Also, under the 1940 Act, the Company is required to identify investments where it owns greater than 25% of the portfolio company’s outstanding voting shares as a controlled investment of the Company. A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, ~~2022~~2023, through December 31, ~~2023~~2024, is noted below:

AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST			SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST			SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	~~11,130~~55	$	—-	$	—-		$	—-		$	—-		$	(~~11,075~~55	)	$	55-		100,000
EQX Capital, Inc. Series A Preferred Stock*		~~865~~110,~~995~~172		—-		—-			—(20,000	)		—-			(~~755~~60,~~823~~706	)		~~110~~29,~~172~~466		1,~~950~~930,000
Total Equipment Leasing	$	~~877~~110,~~125~~227			$	—-					$	—-		$	(~~766~~60,~~898~~761	)	$	~~110~~29,~~227~~466
Aerospace
Hera Systems, Inc. Convertible Note*		53,~~359~~431,~~791~~683		—-		~~(4,467~~-	)		—(4,866,666	)		—(493,125	)		(1,928,108	)		~~3,431,683~~-		~~5,359,791~~-
Hera Systems, Inc. Convertible Note*		1768,~~200,000~~317		—-		8980,~~823~~000			—(1,089,594	)		—(110,406	)		(431,683	)		~~768,317~~-		~~1,200,000~~-
Hera Systems, Inc. Series A Preferred*		~~4,735~~-		—-		—-			—(4	)		—(1,999,996	)		(42,~~735~~000,000	)		—-		~~3,642,324~~-
Hera Systems, Inc. Series B Preferred*		~~275,585~~-		—2,441		—-			—(144,249	)		—(6,445,294	)		~~(275~~6,~~585~~587,102	)		—-		~~7,039,203~~-
Hera Systems, Inc. Series B*		478,608		—		—			—			—			(478,608	)		—		12,250,000
Hera Systems, Inc. Series B Warrants*		-		-		-			-			-			-			-		-
Hera Systems, Inc. Series B*		242,817		—		—			—			—			(242,817	)		—		6,214,922
Hera Systems, Inc. Series B Warrants*		-		-		-			-			-			-			-		-
Hera Systems, Inc. Series B*		205,118		—		—			—			—			(205,118	)		—		5,250,000
Hera Systems, Inc. Series B Warrants*		-		-		-			-			-			-			-		-
Hera Systems, Inc. Series B*		27,349		—		—			—			—			(27,349	)		—		700,000
Hera Systems, Inc. Series B Warrants*		-		-		-			-			-			-			-		-
Hera Systems, Inc. Series C Preferred*		-		-		-			(12,153	)		(2,637,847	)		2,650,000			-		-
Total Aerospace	$	4,200,000			$	80,000					$	(11,686,668	)	$	13,596,893		$	-
Medical Devices
IntraOp Medical Corp. Convertible Note*		34,570		-		-			-			-			(24,604	)		9,966		10,961,129
IntraOp Medical Corp. Convertible Note*		4,100		-		-			-			-			(2,918	)		1,182		1,300,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-			-			-			(1,123	)		454		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-			-			-			(1,123	)		454		500,000
IntraOp Medical Corp. Convertible Note*		3,154		-		-			-			-			(2,245	)		909		1,000,000
IntraOp Medical Corp. Convertible Note*		1,261		-		-			-			-			(897	)		364		400,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-			-			-			(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		2,365		-		-			-			-			(1,683	)		682		750,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-			-			-			(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-			-			-			(1,122	)		455		500,000

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AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
Hera Systems, Inc. Series C Preferred*	$	103,747	$	—	$	—	$	—	$	—	$	(103,747	)	$	—		2,650,000
IntraOp Medical Corp. Convertible Note*	$	1,577	$	-	$	-	$	-	$	-	$	(1,122	)	$	455		500,000
Total Aerospace	$	7,897,750			$	85,356			$	—	$	(3,697,750	)	$	4,200,000
IntraOp Medical Corp. Convertible Note*		3,154		-		-		-		-		(2,245	)		909		1,000,000
Medical Devices
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-		-		(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		61,~~746,169~~577		—-		—-		—-		—-		(61,~~711,599~~122	)		~~34,570~~455		10500,~~961,129~~000
IntraOp Medical Corp. Convertible Note*		~~800~~1,~~102~~577		—-		—-		—-		—-		(~~796~~1,~~002~~122	)		~~4,100~~455		1500,~~300,~~000
IntraOp Medical Corp. Convertible Note*		~~307,731~~631		—-		—-		—-		—-		(~~306,154~~449	)		~~1,577~~182		~~500~~200,000
IntraOp Medical Corp. Convertible Note*		~~307~~2,~~731~~208		—-		—-		—-		—-		(~~306~~1,~~154~~572	)		~~1,577~~636		~~500~~700,000
IntraOp Medical Corp. Convertible Note*		~~1,846,389~~473		—-		—-		—-		—-		(~~1,836,928~~337	)		~~9,461~~136		3150,000~~,000~~
IntraOp Medical Corp. Convertible Note*		~~615~~1,~~463~~104		—-		—-		—-		—-		(~~612,309~~786	)		~~3,154~~318		1350,000~~,000~~
IntraOp Medical Corp. Convertible Note*		~~246~~3,~~185~~154		—		—		—		—		(~~244~~2,~~924~~245	)		~~1,261~~909		~~400~~1,000,000
IntraOp Medical Corp. Convertible Note*		~~307~~1,~~731~~577		—		—		—		—		(~~306~~1,~~154~~122	)		~~1,577~~455		500,000
IntraOp Medical Corp. Convertible Note*		461,597		—		—		—		—		(459,232	)		2.365		750,000
IntraOp Medical Corp. Series C Preferred*		-		-		-		-		-		-			-		26,856,187
IntraOp Medical Corp. Convertible Note*		307,731		—		—		—		—		(306,154	)		1,577		500,000
IntraOp Medical Corp. Term Note*		6,308		-		-		-		-		(4,490	)		1,818		2,000,000
IntraOp Medical Corp. Convertible Note*		307,732		—		—		—		—		(306,155	)		1,577		500,000
IntraOp Medical Corp. Term Note*		9,461		-		-		-		-		(6,733	)		2,728		3,000,000
IntraOp Medical Corp. Convertible Note*		307,732		—		—		—		—		(306,155	)		1,577		500,000
Total Medical Devices	$	87,713			$	-			$	-	$	(62,426	)	$	25,287
IntraOp Medical Corp. Convertible Note*		615,463		—		—		—		—		(612,309	)		3,154		1,000,000
Semiconductor Equipment
IntraOp Medical Corp. Convertible Note*		307,732		—		—		—		—		(306,155	)		1,577		500,000
Revasum, Inc. CDI*(1)		3,862,405		-		-		-		-		(3,862,405	)		-		39,774,889
IntraOp Medical Corp. Convertible Note*		615,463		—		—		—		—		(612,309	)		3,154		1,000,000
Total Semiconductor Equipment	$	3,862,405			$	-		-	$	-	$	(3,862,405	)	$	-
IntraOp Medical Corp. Convertible Note*		307,732		—		—		—		—		(306,155	)		1,577		500,000
Advanced Materials
IntraOp Medical Corp. Convertible Note*		307,732		—		—		—		—		(306,155	)		1,577		500,000
UCT Coatings, Inc. Common Stock		299,932		-		-		-		-		(39,435	)		260,497		1,500,000
Total Advanced Materials	$	299,932			$	-			$	-	$	(39,435	)	$	260,497
Automotive
Wrightspeed, Inc. Common Stock*		-		-		-		-		-		-			-		69,102
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		200,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		100,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		125,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		165,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		135,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		1,000,000

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AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/2		SHARES HELD AT 12/31/23
AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
IntraOp Medical Corp. Convertible Note*	$	307,732	$	—	$	—	$	—		$	—		$	(306,155	)	$	1,577		500,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		250,000
IntraOp Medical Corp. Convertible Note*		123,093		—		—		—			—			(122,462	)		631		200,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
IntraOp Medical Corp. Convertible Note*		430,824		—		—		—			—			(428,616	)		2,208		700,000
Wrightspeed, Inc. Convertible Note*	$	-	$	-	$	-	$	-		$	-		$	-		$	-		700,000
IntraOp Medical Corp. Convertible Note*		92,319		—		—		—			—			(91,846	)		473		150,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		250,000
IntraOp Medical Corp. Convertible Note*		215,412		—		—		—			—			(214,308	)		1,104		350,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		250,000
IntraOp Medical Corp. Series C Preferred*		—		—		—		—			—			—			—		26,856,187
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		250,000
IntraOp Medical Corp. Term Note*		1,230,926		—		—		—			—			(1,224,618	)		6,308		2,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		65,000
Total Medical Devices	$	17,116,721			$	—				$	—		$	(17,029,008	)	$	87,713
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		185,000
Semiconductor Equipment*
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Revasum, Inc. CDI*(1)		3,520,496		—		—		—			—			341,909			3,862,405		39,774,889
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Total Semiconductor Equipment	$	3,520,496			$	—				$	—		$	341,909		$	3,862,405
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Intellectual Property
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		300,000
Silicon Genesis Corp. Common Stock*		111		—		—		(7,966	)		(161,080	)		168,935			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		400,000
Silicon Genesis Corp. Common Warrants*		1		—		—		(1	)		(6,677	)		6,677			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		2,000,000
Silicon Genesis Corp. Series 1-E Preferred*		320,592		—		—		(49,292	)		(2,323,111	)		2,051,811			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,400,000
Silicon Genesis Corp. Series 1-D Preferred*		2,552		—		—		(7,351	)		(424,549	)		429,348			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,200,000
Silicon Genesis Corp. Series 1-G Preferred*		306,671		13		—		(417,972	)		(3,462,620	)		3,573,908			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Silicon Genesis Corp. Series 1-H Preferred*		35,529		—		—		(7,241	)		(929,654	)		901,366			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		250,000
Silicon Genesis Corp. Series 1-F Preferred*		70,806		—		—		(7,884	)		(448,505	)		385,583			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Silicon Genesis Corp. Series 1-C Preferred*		962		—		—		(716	)		(108,802	)		108,556			—		—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,050,000
Total Intellectual Property	$	737,224			$	—				$	(7,864,998	)	$	7,626,184		$	—
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		400,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		375,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		900,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		750,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		4,929,015
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-			-			-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		(40,000	)		-			40,000			-		-

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AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22			PURCHASE/ MERGER		INTEREST			SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
AFFILIATE/CONTROLLED INVESTMENTS*		VALUE AT 12/31/23				PURCHASE/ MERGER				INTEREST				SALES/ MATURITY/ EXPIRATION				REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
Advanced Materials
Wrightspeed, Inc. Series AA Preferred*		$	-			$	-			$	-			$	-			$	-		$	-		$	-		60,733,693
UCT Coatings, Inc. Common Stock	$	337,500		$	—	$	—		$	—	$	—	$	(37,568	)	$	299,932		1,500,000
Total Automotive		$	-							$	-							$	-		$	40,000		$	-
Total Advanced Materials	$	337,500				$	—				$	—	$	(37,568	)	$	299,932
Total Affiliates and Controlled Investments		$	8,560,277							$	80,000							$	(11,686,668	)	$	9,611,866		$	315,250
Automotive
Total Affiliates			299,932								-								-			(39,435	)		260,497
Wrightspeed, Inc. Common Stock*		546			—		—			—		—		(546	)		—		69,102
Total Controlled Investments		$	8,260,345							$	80,000							$	(11,686,668	)	$	9,651,301		$	54,753
Wrightspeed, Inc. Convertible Note*		65,000			—		—			—		—		(65,000	)		—		200,000
Wrightspeed, Inc. Convertible Note*		—			40,000		740			—		—		(40,000	)		—		40,000
Wrightspeed, Inc. Convertible Note*		—			100,000		(740	)		—		—		(100,000	)		—		100,000
Wrightspeed, Inc. Convertible Note*		40,625			—		—			—		—		(40,625	)		—		125,000
Wrightspeed, Inc. Convertible Note*		53,625			—		—			—		—		(53,625	)		—		165,000
Wrightspeed, Inc. Convertible Note*		43,875			—		—			—		—		(43,875	)		—		135,000
Wrightspeed, Inc. Convertible Note*		81,250			—		—			—		—		(81,250	)		—		250,000
Wrightspeed, Inc. Convertible Note*		81,250			—		—			—		—		(81,250	)		—		250,000
Wrightspeed, Inc. Convertible Note*		97,500			—		—			—		—		(97,500	)		—		300,000
Wrightspeed, Inc. Convertible Note*		81,250			—		—			—		—		(81,250	)		—		250,000

*	Controlled Investments.
(1)	CDI: CHESS Depositary Interests

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
Wrightspeed, Inc. Convertible Note*	$	81,250	$	—	$	—	$	—	$	—	$	(81,250	)	$	—		250,000
Wrightspeed, Inc. Convertible Note*		81,250		—		—		—		—		(81,250	)		—		250,000
Wrightspeed, Inc. Convertible Note*		81,250		—		—		—		—		(81,250	)		—		250,000
Wrightspeed, Inc. Convertible Note*		21,125		—		—		—		—		(21,125	)		—		65,000
Wrightspeed, Inc. Convertible Note*		60,125		—		—		—		—		(60,125	)		—		185,000
Wrightspeed, Inc. Convertible Note*		227,500		—		—		—		—		(227,500	)		—		700,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—		(325,000	)		—		1,000,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—		(325,000	)		—		1,000,000
Wrightspeed, Inc. Convertible Note*		130,000		—		—		—		—		(130,000	)		—		400,000
Wrightspeed, Inc. Convertible Note*		650,000		—		—		—		—		(650,000	)		—		2,000,000
Wrightspeed, Inc. Convertible Note*		455,000		—		—		—		—		(455,000	)		—		1,400,000
Wrightspeed, Inc. Convertible Note*		390,000		—		—		—		—		(390,000	)		—		1,200,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—		(325,000	)		—		1,000,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—		(325,000	)		—		1,000,000
Wrightspeed, Inc. Convertible Note*		81,250		—		—		—		—		(81,250	)		—		250,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—		(325,000	)		—		1,000,000

A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, 2022, through December 31, 2023, is noted below:

AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST			SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	11,130	$	-	$	-		$	-	$	-	$	(11,075	)	$	55		100,000
EQX Capital, Inc. Series A Preferred Stock*		865,995		-		-			-		-		(755,823	)		110,172		1,950,000
Total Equipment Leasing	$	877,125			$	-				$	-	$	(766,898	)	$	110,227
Aerospace
Hera Systems, Inc. Convertible Note*		5,359,791		-		(4,467	)		-		-		(1,928,108	)		3,431,683		5,359,791
Hera Systems, Inc. Convertible Note*		1,200,000		-		89,823			-		-		(431,683	)		768,317		1,200,000
Hera Systems, Inc. Series A Preferred*		4,735		-		-			-		-		(4,735	)		-		3,642,324
Hera Systems, Inc. Series B Preferred*		275,585		-		-			-		-		(275,585	)		-		7,039,203
Hera Systems, Inc. Series B*		478,608		-		-			-		-		(478,608	)		-		12,250,000
Hera Systems, Inc. Series B*		242,817		-		-			-		-		(242,817	)		-		6,214,922
Hera Systems, Inc. Series B*		205,118		-		-			-		-		(205,118	)		-		5,250,000
Hera Systems, Inc. Series B*		27,349		-		-			-		-		(27,349	)		-		700,000

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

AFFILIATE/ CONTROLLED INVESTMENTS*	~~VALUE AT 12/31/22~~	VALUE AT 12/31/22	~~PURCHASE/ MERGER~~		~~INTEREST~~	PURCHASE/ MERGER	~~SALES/ MATURITY/ EXPIRATION~~		~~REALIZED GAIN (LOSS)~~	INTEREST		~~CHANGE IN APPRECIATION/ DEPRECIATION~~		SALES/ MATURITY/ EXPIRATION	~~VALUE 12/31/23~~		~~SHARES HELD AT 12/31/23~~	REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
Wrightspeed, Inc. Convertible Note*	$	130,000	$	—	$	—	$	—	$	—		$	(130,000	)	$	—		400,000
Hera Systems, Inc. Series C Preferred*		$	103,747			$	-			$	-			$	-			$	-	$	(103,747	)	$	-		2,650,000
Wrightspeed, Inc. Convertible Note*		121,875		—		—		—		—			(121,875	)		—		375,000
Total Aerospace		$	7,897,750				-			$	85,356				-			$	-	$	(3,697,750	)	$	4,200,000
Wrightspeed, Inc. Convertible Note*		292,500		—		—		—		—			(292,500	)		—		900,000
Medical Devices							-
Wrightspeed, Inc. Convertible Note*		243,750		—		—		—		—			(243,750	)		—		750,000
IntraOp Medical Corp. Convertible Note*			6,746,169				-				-				-				-		(6,711,599	)		34,570		10,961,129
Wrightspeed, Inc. Convertible Note*		1,601,930		—		—		—		—			(1,601,930	)		—		4,929,015
IntraOp Medical Corp. Convertible Note*			800,102				-				-				-				-		(796,002	)		4,100		1,300,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—			(325,000	)		—		1,000,000
IntraOp Medical Corp. Convertible Note*			307,731				-				-				-				-		(306,154	)		1,577		500,000
Wrightspeed, Inc. Convertible Note*		341,250		—		—		—		—			(341,250	)		—		1,050,000
IntraOp Medical Corp. Convertible Note*			307,731				-				-				-				-		(306,154	)		1,577		500,000
Wrightspeed, Inc. Convertible Note*		325,000		—		—		—		—			(325,000	)		—		1,000,000
IntraOp Medical Corp. Convertible Note*			1,846,389				-				-				-				-		(1,836,928	)		9,461		3,000,000
Wrightspeed, Inc. Series AA Preferred*		1,049,478		—		—		—		—			(1,049,478	)		—		60,733,693
IntraOp Medical Corp. Convertible Note*			615,463				-				-				-				-		(612,309	)		3,154		1,000,000
Wrightspeed, Inc. Series AA Warrants*		3,232		—		—		—		—			(3,232	)		—		—
IntraOp Medical Corp. Convertible Note*			246,185				-				-				-				-		(244,924	)		1,261		400,000
Total Automotive	$	8,862,686			$	—			$	—		$	(9,002,686	)	$	—
IntraOp Medical Corp. Convertible Note*			307,731				-				-				-				-		(306,154	)		1,577		500,000
Total Affiliates and Controlled Investments	$	39,349,502			$	85,356			$	(7,864,998	)	$	(22,565,817	)	$	8,560,277
IntraOp Medical Corp. Convertible Note*			461,597				-				-				-				-		(459,232	)		2,365		750,000
Total Affiliates		337,500				—				—			(37,568	)		299,932
IntraOp Medical Corp. Convertible Note*			307,731				-				-				-				-		(306,154	)		1,577		500,000
Total Controlled Investments	$	39,012,002			$	85,356			$	(7,864,998	)	$	(22,528,249	)	$	8,260,345
IntraOp Medical Corp. Convertible Note*			307,732				-				-				-				-		(306,155	)		1,577		500,000
IntraOp Medical Corp. Convertible Note*			307,732				-				-				-				-		(306,155	)		1,577		500,000
IntraOp Medical Corp. Convertible Note*			615,463				-				-				-				-		(612,309	)		3,154		1,000,000
IntraOp Medical Corp. Convertible Note*			307,732				-				-				-				-		(306,155	)		1,577		500,000
IntraOp Medical Corp. Convertible Note*			615,463				-				-				-				-		(612,309	)		3,154		1,000,000
IntraOp Medical Corp. Convertible Note*			307,732				-				-				-				-		(306,155	)		1,577		500,000
IntraOp Medical Corp. Convertible Note*			307,732				-				-				-				-		(306,155	)		1,577		500,000

* Controlled Investments. 77

(1) CDI:CHESS Depositary Interests

Table of Contents

Firsthand Technology Value Fund, Inc.

Notes to Consolidated Financial Statements - continued

DECEMBER 31, ~~2023~~2024

A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, 2021, through December 31, 2022, is noted below:

AFFILIATE/ CONTROLLED INVESTMENTS*	VALUE AT 12/31/22		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/23		SHARES HELD AT 12/31/23
IntraOp Medical Corp. Convertible Note*	$	307,732	$	-	$	-	$	-	$	-	$	(306,155	)	$	1,577		500,000
IntraOp Medical Corp. Convertible Note*		123,093		-		-		-		-		(122,462	)		631		200,000
IntraOp Medical Corp. Convertible Note*		430,824

Filing Compare · Firsthand Technology Value Fund, Inc.