UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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| (Mark One) | ||
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED March 31, 2015
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| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER: 814-00852
GSV Capital Corp.
(Exact name of registrant as specified in its charter)
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| Maryland | 27-4443543 | |
| (State of incorporation) | (I.R.S. Employer Identification No.) |
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| 2925 Woodside Road Woodside, CA |
94062 | |
| (Address of principal executive offices) | (Zip Code) |
(650) 235-4769
(Registrant’s telephone number, including area code)
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 x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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| Large accelerated filer o | Accelerated filer x | |
| Non-accelerated filer o (do not check if a smaller reporting company) | Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes o No x
The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of May 11, 2015 was 19,320,100.
GSV CAPITAL CORP.
TABLE OF CONTENTS
i
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
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| March 31, 2015 |
December 31, 2014 |
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| ASSETS |
(Unaudited) |
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| Investments at fair value: |
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| Investments in controlled securities (cost of $19,435,647 and $17,933,651, respectively)(1) | $ | 20,179,675 | $ | 18,819,335 | ||||
| Investments in affiliated securities (cost of $85,749,640 and $80,760,208, respectively)(1) | 75,411,267 | 70,172,313 | ||||||
| Investments in non-controlled/non-affiliated securities (cost of $198,586,069 and $202,417,830, respectively) | 305,832,821 | 281,992,669 | ||||||
| Investments in treasury bill (cost of $100,013,333 and $100,001,692, respectively) | 100,013,333 | 100,000,056 | ||||||
| Investments owned and pledged (cost of $5,478,126 and $7,286,332, respectively) | 5,492,502 | 7,298,042 | ||||||
| Total Investments (cost of $409,262,815 and $408,399,713, respectively) | 506,929,598 | 478,282,415 | ||||||
| Cash | 8,060,624 | 3,472,880 | ||||||
| Restricted cash | 41,181 | 48,889 | ||||||
| Due from: |
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| GSV Asset Management(1) | 105,844 | 204,825 | ||||||
| Portfolio companies(1) | 77,436 | 85,356 | ||||||
| Interest and dividends receivable | 63,789 | 26,671 | ||||||
| Prepaid expenses and other assets | 549,351 | 596,926 | ||||||
| Deferred financing costs | 2,693,379 | 2,928,134 | ||||||
| Total Assets | 518,521,202 | 485,646,096 | ||||||
| LIABILITIES |
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| Due to: |
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| GSV Asset Management(1) | 30,255 | 23,396 | ||||||
| Accounts payable and accrued expenses | 184,912 | 292,950 | ||||||
| Accrued incentive fees(1) | 22,349,627 | 14,137,899 | ||||||
| Accrued management fees(1) | 641,209 | 641,276 | ||||||
| Accrued interest payable | 150,938 | 1,139,458 | ||||||
| Payable for securities purchased | 89,513,333 | 90,001,692 | ||||||
| Current taxes payable | 134,733 | 134,733 | ||||||
| Deferred tax liability | 18,452,122 | 6,907,666 | ||||||
| Line of credit payable | 16,000,000 | 18,000,000 | ||||||
| Convertible senior notes embedded derivative liability | 1,000 | 1,000 | ||||||
| Convertible senior notes payable 5.25% due September 15, 2018 | 68,494,778 | 68,462,353 | ||||||
| Total Liabilities | 215,952,907 | 199,742,423 | ||||||
| Commitments and contingencies (Note 6) |
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| Net Assets | $ | 302,568,295 | $ | 285,903,673 | ||||
| NET ASSETS |
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| Common stock, par value $0.01 per share (100,000,000 authorized; 19,320,100 issued and outstanding) | $ | 193,201 | $ | 193,201 | ||||
| Paid-in capital in excess of par | 275,837,514 | 275,837,514 | ||||||
| Accumulated net investment loss | (39,542,087 | ) | (31,972,292 | ) | ||||
| Accumulated net realized gain on investments | 8,318,111 | 496,782 | ||||||
| Accumulated net unrealized appreciation on investments | 57,761,556 | 41,348,468 | ||||||
| Net Assets | $ | 302,568,295 | $ | 285,903,673 | ||||
| Net Asset Value Per Share | $ | 15.66 | $ | 14.80 | ||||
| (1) | This balance is a related party transaction. Refer to Note 2 for more detail. |
See notes to the Condensed Consolidated Financial Statements
1
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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| Three months ended March 31, 2015 |
Three months ended March 31, 2014 |
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| INVESTMENT INCOME |
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| Interest income from affiliated securities(1) | $ | 51,231 | $ | 39,928 | ||||
| Interest income from non-affiliated/non-controlled securities | 7,793 | — | ||||||
| Dividend income from affiliated securities(1) | — | 887 | ||||||
| Total Investment Income | 59,024 | 40,815 | ||||||
| OPERATING EXPENSES |
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| Investment management fees(1) | 1,921,128 | 1,756,196 | ||||||
| Accrued incentive fees(1) | 8,211,728 | 969,652 | ||||||
| Costs incurred under administration agreement | 802,396 | 908,532 | ||||||
| Directors’ fees(1) | 85,306 | 65,000 | ||||||
| Professional fees | 341,744 | 456,539 | ||||||
| Interest and credit facility expense | 1,368,803 | 1,179,725 | ||||||
| Other expenses | 121,325 | 132,899 | ||||||
| Gain on fair value adjustment for embedded derivative | — | (620,000 | ) | |||||
| Total Operating Expenses | 12,852,430 | 4,848,543 | ||||||
| Benefit for taxes on net investment loss | 5,223,611 | 2,012,914 | ||||||
| Net Investment Loss | (7,569,795 | ) | (2,794,814 | ) | ||||
| Net Realized Gain: |
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| From non-controlled/non-affiliated securities | 13,218,403 | 7,931,745 | ||||||
| Total Realized Gain on investments | 13,218,403 | 7,931,745 | ||||||
| Provision for Taxes on realized gains on investments | (5,397,074 | ) | (3,238,531 | ) | ||||
| Net Change in Unrealized Appreciation (Depreciation) on investments: |
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| From controlled securities | (141,656 | ) | (355,631 | ) | ||||
| From affiliated securities | 249,522 | (256,966 | ) | |||||
| From non-controlled/non-affiliated securities | 27,676,215 | (2,461,082 | ) | |||||
| Change in Unrealized Appreciation (Depreciation) on investments | 27,784,081 | (3,073,679 | ) | |||||
| (Provision)/Benefit for taxes on unrealized appreciation/depreciation on investments | (11,370,993 | ) | 1,254,983 | |||||
| Net Increase in Net Assets Resulting From Operations | $ | 16,664,622 | $ | 79,704 | ||||
| Net Increase in Net Assets Resulting From Operations Per Common Share |
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| Basic | $ | 0.86 | $ | — | ||||
| Diluted | $ | 0.73 | $ | — | ||||
| Weighted Average Common Shares Outstanding |
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| Basic | 19,320,100 | 19,320,100 | ||||||
| Diluted | 23,564,228 | 19,320,100 | ||||||
| (1) | This balance is a related party transaction. Refer to Note 2 for more detail. |
See notes to the Condensed Consolidated Financial Statements
2
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
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| Three months ended March 31, 2015 |
Three months ended March 31, 2014 |
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| Increase in Net Assets Resulting From Operations |
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| Net Investment Loss | $ | (7,569,795 | ) | $ | (2,794,814 | ) | ||
| Net Realized Gain on Investments | 13,218,403 | 7,931,745 | ||||||
| Provision for Taxes on realized gain on investments | (5,397,074 | ) | (3,238,531 | ) | ||||
| Net Change in Unrealized Appreciation (Depreciation) on investments | 27,784,081 | (3,073,679 | ) | |||||
| (Provision)/Benefit for taxes on unrealized appreciation/depreciation on investments | (11,370,993 | ) | 1,254,983 | |||||
| Net Increase in Net Assets Resulting From Operations | 16,664,622 | 79,704 | ||||||
| Total Increase in Net Assets | 16,664,622 | 79,704 | ||||||
| Net Assets at Beginning of Period | 285,903,673 | 287,966,444 | ||||||
| Net Assets at End of Period | $ | 302,568,295 | $ | 288,046,148 | ||||
| Capital Share Activity |
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| Shares Issued | — | — | ||||||
| Shares Outstanding at Beginning of Period | 19,320,100 | 19,320,100 | ||||||
| Shares Outstanding at End of Period | 19,320,100 | 19,320,100 | ||||||
See notes to the Condensed Consolidated Financial Statements
3
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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| Three months ended March 31, 2015 |
Three months ended March 31, 2014 |
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| Cash Flows from Operating Activities |
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| Net increase in net assets resulting from operations | $ | 16,664,622 | $ | 79,704 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
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| Net realized gain on investments | (13,218,403 | ) | (7,931,745 | ) | ||||
| Net change in unrealized (appreciation) depreciation on investments | (27,784,081 | ) | 3,073,679 | |||||
| Gain on fair value adjustment for embedded derivative | — | (620,000 | ) | |||||
| Deferred tax liability | 11,544,456 | (29,365 | ) | |||||
| Amortization of discount on senior convertible notes | 32,425 | |||||||
| Amortization of deferred financing costs | 234,755 | 251,589 | ||||||
| Amortization of fixed income security premiums and discounts | (15,441 | ) | — | |||||
| Purchases of investments in: |
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| Portfolio investments | (8,990,125 | ) | (21,929,081 | ) | ||||
| United States treasury bill | (100,013,333 | ) | — | |||||
| Proceeds from sales or maturity of investments in: |
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| Portfolio investments | 19,558,200 | 14,132,278 | ||||||
| Treasuries strips | 1,816,000 | 1,790,785 | ||||||
| United States treasury bill | 100,000,000 | — | ||||||
| Change in operating assets and liabilities: |
— | |||||||
| Deposit with Broker | — | (10,000,000 | ) | |||||
| Due from GSV Asset Management(1) | 98,981 | 3,039 | ||||||
| Due from portfolio companies | 7,920 | 12,374 | ||||||
| Prepaid expenses and other assets | 47,575 | (45,221 | ) | |||||
| Interest and dividends receivable | (37,118 | ) | (9,006 | ) | ||||
| Due to GSV Asset Management(1) | 6,859 | 39,221 | ||||||
| Payable for securities purchased | (488,359 | ) | — | |||||
| Accounts payable and accrued expenses | (108,038 | ) | (14,991 | ) | ||||
| Accrued incentive fees(1) | 8,211,728 | 969,652 | ||||||
| Accrued management fees(1) | (67 | ) | — | |||||
| Accrued interest payable | (988,520 | ) | (885,500 | ) | ||||
| Net Cash Provided by (Used in) Operating Activities | 6,580,036 | (21,112,588 | ) | |||||
| Cash Flows from Financing Activities |
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| Borrowings under credit facility | 6,000,000 | 18,000,000 | ||||||
| Payments under credit facility | (8,000,000 | ) | — | |||||
| Deferred offering costs | — | (43,575 | ) | |||||
| Change in restricted cash | 7,708 | 125 | ||||||
| Net Cash Provided by (Used in) Financing Activities | (1,992,292 | ) | 17,956,550 | |||||
| Total Increase (Decrease) in Cash Balance | 4,587,744 | (3,156,038 | ) | |||||
| Cash Balance at Beginning of Period | 3,472,880 | 7,219,203 | ||||||
| Cash Balance at End of Period | $ | 8,060,624 | $ | 4,063,165 | ||||
| Non-Cash Operating Items |
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| Transactions in Investments in Portfolio Companies |
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| Structured notes converted to convertible notes | $ | 609,683 | $ | 517,755 | ||||
| Preferred shares converted to common shares | $ | — | $ | 1,273,125 | ||||
| Interest Paid | $ | 2,357,323 | $ | 2,065,225 | ||||
| (1) | This balance is a related party transaction. Refer to Note 2 for more detail. |
See notes to the Condensed Consolidated Financial Statements
4
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2015
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Twitter, Inc.** |
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| Common shares | San Francisco, CA Social Communication |
1,200,600 | $ | 21,213,458 | $ | 60,126,048 | 19.87 | % | ||||||||||||
| Palantir Technologies, Inc. |
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| Common shares, Class A | Palo Alto, CA Cyber Security |
5,773,690 | 16,191,055 | 43,880,044 | 14.50 | % | ||||||||||||||
| Preferred shares, Series G | 326,797 | 1,008,968 | 2,490,193 | 0.82 | % | |||||||||||||||
| Total | 17,200,023 | 46,370,237 | 15.32 | % | ||||||||||||||||
| 2U, Inc. (f/k/a 2tor, Inc.)(9)** |
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| Common shares | Landover, MD Online Education |
1,319,233 | 10,032,117 | 30,371,382 | 10.04 | % | ||||||||||||||
| Dropbox, Inc. |
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| Common shares | San Francisco, CA Online Storage |
760,000 | 8,641,153 | 14,844,694 | 4.91 | % | ||||||||||||||
| Preferred shares, Series A-1 | 552,486 | 5,015,773 | 10,791,428 | 3.57 | % | |||||||||||||||
| Total | 13,656,926 | 25,636,122 | 8.48 | % | ||||||||||||||||
| Coursera, Inc. |
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| Preferred shares, Series B | Mountain View, CA Online Education |
2,961,399 | 14,519,519 | 14,510,855 | 4.80 | % | ||||||||||||||
| Solexel, Inc. |
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| Preferred shares, Series C | Milpitas, CA Solar Power |
5,300,158 | 11,598,648 | 11,607,346 | 3.84 | % | ||||||||||||||
| Preferred shares, Series D | 1,613,413 | 2,419,911 | 2,420,120 | 0.80 | % | |||||||||||||||
| Total | 14,018,559 | 14,027,466 | 4.64 | % | ||||||||||||||||
| PayNearMe, Inc.(1) |
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| Preferred shares, Series E | Sunnyvale, CA Cash Payment Network |
5,480,348 | 14,000,398 | 13,974,887 | 4.62 | % | ||||||||||||||
| Dataminr, Inc. |
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| Preferred shares, Series B | New York, NY Social Media Analytics |
904,977 | 2,063,356 | 8,941,173 | 2.96 | % | ||||||||||||||
| Preferred shares, Series C | 301,369 | 1,100,909 | 2,977,526 | 0.98 | % | |||||||||||||||
| Total | 3,164,265 | 11,918,699 | 3.94 | % | ||||||||||||||||
| SugarCRM, Inc. |
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| Common shares | Cupertino, CA Customer Relationship Manager |
1,899,799 | 6,799,552 | 9,650,979 | 3.19 | % | ||||||||||||||
| Preferred shares, Series E | 373,134 | 1,500,522 | 2,205,353 | 0.73 | % | |||||||||||||||
| Total | 8,300,074 | 11,856,332 | 3.92 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(3) |
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| Preferred shares, Junior Preferred Stock |
New York, NY Globally-focused Private School |
10,014,270 | 10,151,854 | 11,307,653 | 3.74 | % | ||||||||||||||
| Lyft, Inc. |
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| Preferred shares, Series D | San Francisco, CA Peer to Peer Ridesharing |
493,490 | 5,003,631 | 8,660,750 | 2.86 | % | ||||||||||||||
| Preferred shares, Series E | 128,563 | 2,503,585 | 2,499,985 | 0.83 | % | |||||||||||||||
| Total | 7,507,216 | 11,160,735 | 3.69 | % | ||||||||||||||||
See notes to the Condensed Consolidated Financial Statements
5
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Ozy Media, Inc.(1) |
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| Preferred shares, Series B | Mountain View, CA Daily News and Information Site |
922,509 | $ | 4,999,999 | $ | 5,018,586 | 1.66 | % | ||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 4,178,181 | 1.38 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 1,700,000 | 0.56 | % | |||||||||||||||
| Total | 8,500,199 | 10,896,767 | 3.60 | % | ||||||||||||||||
| Declara, Inc.(1) |
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| Preferred shares, Series A | Palo Alto, CA Social Cognitive Learning |
5,358,195 | 9,999,999 | 10,019,825 | 3.31 | % | ||||||||||||||
| JAMF Holdings, Inc. |
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| Preferred shares, Series B | Minneapolis, MN Mobile Device Management |
73,440 | 9,999,928 | 9,999,590 | 3.30 | % | ||||||||||||||
| Curious.com Inc.(1) |
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| Preferred shares, Series B | Menlo Park, CA Online Education |
2,839,861 | 10,000,003 | 9,996,311 | 3.30 | % | ||||||||||||||
| Chegg, Inc.** |
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| Common shares | Santa Clara, CA Textbook Rental |
1,182,792 | 14,022,863 | 9,403,196 | 3.11 | % | ||||||||||||||
| StormWind, LLC(2)(5) |
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| Preferred shares, Series B | Scottsdale, AZ Interactive Learning |
3,279,629 | 2,019,687 | 4,361,907 | 1.44 | % | ||||||||||||||
| Preferred shares, Series C | 2,779,134 | 4,000,787 | 4,331,940 | 1.43 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 485,832 | 0.16 | % | |||||||||||||||
| Total | 6,130,474 | 9,179,679 | 3.03 | % | ||||||||||||||||
| Lytro, Inc. |
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| Preferred shares, Series C-1 | Mountain View, CA Consumer Electronics |
2,533,784 | 7,500,001 | 7,493,970 | 2.48 | % | ||||||||||||||
| General Assembly Space, Inc. |
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| Preferred shares, Series C | New York, NY Online Education |
126,552 | 2,999,978 | 3,146,591 | 1.04 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 2,999,957 | 0.99 | % | |||||||||||||||
| Total | 5,999,961 | 6,146,548 | 2.03 | % | ||||||||||||||||
| Fullbridge, Inc.(1) |
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| Preferred shares, Series D | Cambridge, MA Business Education |
1,655,167 | 2,956,022 | 3,111,714 | 1.04 | % | ||||||||||||||
| Preferred shares, Series C | 1,728,724 | 3,193,444 | 1,625,001 | 0.54 | % | |||||||||||||||
| Convertible Promissory Note 10% Due 03/02/16*** | $ | 1,030,507 | 980,395 | 980,395 | 0.32 | % | ||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 2/18/2019 | 714,286 | 90,242 | 21,429 | 0.01 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 4/03/2019 | 412,088 | 52,063 | 12,363 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/02/2020 | 283,106 | 35,767 | 8,493 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 5/16/2019 | 192,308 | 24,296 | 5,769 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/22/2020 | 186,170 | 23,521 | 5,585 | — | % | |||||||||||||||
See notes to the Condensed Consolidated Financial Statements
6
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 10/10/2018 | 82,418 | $ | 10,412 | $ | 2,473 | — | % | |||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 12/11/2018 | 82,418 | 10,413 | 2,473 | — | % | |||||||||||||||
| Total | 7,376,575 | 5,775,695 | 1.91 | % | ||||||||||||||||
| Spotify Technology S.A.** |
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| Common shares | Stockholm, Sweden Music Streaming Service |
3,658 | 3,598,472 | 5,651,610 | 1.87 | % | ||||||||||||||
| Learnist Inc. (f/k/a Grockit, Inc.)(1) |
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| Preferred shares, Series D | San Francisco, CA Online Learning Platform |
2,728,252 | 2,005,945 | 2,346,297 | 0.78 | % | ||||||||||||||
| Preferred shares, Series E | 1,731,501 | 1,503,670 | 1,610,296 | 0.53 | % | |||||||||||||||
| Preferred shares, Series F | 1,242,928 | 1,450,000 | 1,441,309 | 0.48 | % | |||||||||||||||
| Total | 4,959,615 | 5,397,902 | 1.79 | % | ||||||||||||||||
| GSV Sustainability Partners(2) |
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| Preferred shares, Class A | Woodside, CA Clean Technology |
10,700,000 | 5,351,412 | 5,350,000 | 1.77 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | 10,000 | — | % | |||||||||||||||
| Total | 5,361,412 | 5,360,000 | 1.77 | % | ||||||||||||||||
| Knewton, Inc. |
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| Preferred shares, Series E | New York, NY Online Education |
375,985 | 4,999,999 | 5,000,601 | 1.65 | % | ||||||||||||||
| Course Hero, Inc. |
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| Preferred shares, Series A | Redwood City, CA Online Education |
2,145,509 | 5,000,001 | 5,000,001 | 1.65 | % | ||||||||||||||
| NestGSV, Inc. (d.b.a. GSV Labs, Inc.)(2) |
||||||||||||||||||||
| Preferred shares, Series D | Redwood City, CA Incubator |
1,845,420 | 2,404,499 | 2,460,560 | 0.81 | % | ||||||||||||||
| Preferred shares, Series C | 1,561,625 | 2,007,250 | 1,264,916 | 0.42 | % | |||||||||||||||
| Preferred shares, Series A | 1,000,000 | 1,021,778 | 510,000 | 0.17 | % | |||||||||||||||
| Preferred shares, Series B | 450,000 | 605,503 | 229,500 | 0.08 | % | |||||||||||||||
| Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019 | 500,000 | — | 145,000 | 0.05 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | 18,000 | 0.01 | % | |||||||||||||||
| Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/9/2019 | 187,500 | — | 7,500 | — | % | |||||||||||||||
| Total | 6,040,030 | 4,635,476 | 1.54 | % | ||||||||||||||||
| Whittle Schools, LLC(1)(4) |
||||||||||||||||||||
| Preferred shares, Series B | New York, NY Globally-focused Private School |
3,000,000 | 3,000,000 | 3,000,000 | 0.99 | % | ||||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.50 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 1.49 | % | ||||||||||||||||
See notes to the Condensed Consolidated Financial Statements
7
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
||||||||||||||||||||
| Convertible preferred shares, Series C |
San Francisco, CA Corporate Education |
615,763 | $ | 2,006,077 | $ | 2,339,899 | 0.77 | % | ||||||||||||
| Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***(11) |
$ | 1,000,000 | 1,000,000 | 1,026,707 | 0.34 | % | ||||||||||||||
| Convertible preferred shares, Series D |
169,033 | 778,607 | 730,285 | 0.24 | % | |||||||||||||||
| Preferred warrants, $4.59 Strike Price, Expiration Date 02/25/2018 | 16,903 | — | 12,846 | — | % | |||||||||||||||
| Total | 3,784,684 | 4,109,737 | 1.35 | % | ||||||||||||||||
| Parchment, Inc. |
||||||||||||||||||||
| Preferred shares, Series D | Scottsdale, AZ E-Transcript Exchange |
3,200,512 | 4,000,982 | 4,000,000 | 1.32 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
||||||||||||||||||||
| Preferred shares, Series A | Hong Kong Education Technology |
2,126,475 | 4,343,409 | 3,995,221 | 1.32 | % | ||||||||||||||
| Bloom Energy Corporation |
||||||||||||||||||||
| Common shares | Sunnyvale, CA Fuel Cell Energy |
201,589 | 3,855,601 | 2,865,933 | 0.95 | % | ||||||||||||||
| DogVacay, Inc. |
||||||||||||||||||||
| Preferred shares, Series B-1 | Santa Monica, CA Dog Boarding |
514,562 | 2,506,119 | 2,505,917 | 0.83 | % | ||||||||||||||
| SharesPost, Inc.(1)(6) |
||||||||||||||||||||
| Preferred shares, Series B | San Bruno, CA Online Marketplace Finance |
1,771,653 | 2,259,716 | 2,249,999 | 0.74 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 146,477 | 0.05 | % | |||||||||||||||
| Total | 2,282,844 | 2,396,476 | 0.79 | % | ||||||||||||||||
| Circle Media (f.k.a. S3 Digital Corp. (d/b/a S3i)(1) |
||||||||||||||||||||
| Preferred shares, Series A | New York, NY Sports Analytics |
1,462,269 | 1,496,059 | 1,649,247 | 0.55 | % | ||||||||||||||
| Term Loan, 12%, 09/30/15*** | $ | 272,500 | 283,901 | 296,278 | 0.10 | % | ||||||||||||||
| Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | 220,000 | 0.07 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 08/29/2021 | 175,815 | — | 70,326 | 0.02 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 09/30/2020 | 160,806 | — | 64,322 | 0.02 | % | |||||||||||||||
| Preferred warrants, $1.16 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | 15,438 | 0.01 | % | |||||||||||||||
| Total | 1,811,314 | 2,315,611 | 0.77 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
||||||||||||||||||||
| Preferred shares, Series A-1 | Bellevue, WA Education Technology |
7,159,221 | 1,502,362 | 1,500,000 | 0.50 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 750,000 | 0.25 | % | |||||||||||||||
| Total | 2,260,379 | 2,250,000 | 0.75 | % | ||||||||||||||||
See notes to the Condensed Consolidated Financial Statements
8
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Maven Research, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series C | San Francisco, CA Knowledge Networks |
318,979 | $ | 2,000,447 | $ | 1,999,998 | 0.66 | % | ||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 249,505 | 0.08 | % | |||||||||||||||
| 2,217,653 | 2,249,503 | 0.74 | % | |||||||||||||||||
| Clever, Inc. |
||||||||||||||||||||
| Series B Preferred Stock | San Francisco, CA Education Software |
1,799,047 | 2,000,601 | 2,005,701 | 0.66 | % | ||||||||||||||
| Gilt Groupe Holdings, Inc. |
||||||||||||||||||||
| Common shares | New York, NY e-Commerce Flash Sales |
248,600 | 6,594,433 | 1,128,644 | 0.37 | % | ||||||||||||||
| AlwaysOn, Inc.(2) |
||||||||||||||||||||
| Preferred shares, Series A | Woodside, CA Social Media |
1,066,626 | 1,027,391 | 554,646 | 0.18 | % | ||||||||||||||
| Preferred shares, Series A-1 | 4,465,925 | 876,342 | 446,593 | 0.15 | % | |||||||||||||||
| Preferred warrants Series A, $1.00 strike price, expire 1/9/2017 | 109,375 | — | 3,281 | — | % | |||||||||||||||
| Total | 1,903,733 | 1,004,520 | 0.33 | % | ||||||||||||||||
| Enjoy Technology, Inc. |
||||||||||||||||||||
| Series A Preferred Shares | Menlo Park, CA Online Shopping |
879,198 | 1,002,440 | 1,002,440 | 0.33 | % | ||||||||||||||
| Strategic Data Command, LLC(1)(7) |
||||||||||||||||||||
| Common shares | Sunnyvale, CA Software Development |
800,000 | 1,001,650 | 1,000,000 | 0.33 | % | ||||||||||||||
| AliphCom, Inc. (d/b/a Jawbone) |
||||||||||||||||||||
| Common shares | San Francisco, CA Smart Device Company |
150,000 | 793,152 | 722,455 | 0.24 | % | ||||||||||||||
| EdSurge, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A | Burlingame, CA Education Media Platform |
494,365 | 500,801 | 512,040 | 0.17 | % | ||||||||||||||
| Cricket Media (f/k/a ePals Inc.)**(1)(8) |
||||||||||||||||||||
| Common shares | Herndon, VA Online Education |
1,333,333 | 2,448,959 | 316,406 | 0.10 | % | ||||||||||||||
| New Zoom, Inc. |
||||||||||||||||||||
| Preferred shares, Series A | San Francisco, CA Retail Machines |
1,250,000 | 260,476 | 275,223 | 0.09 | % | ||||||||||||||
| Neuron Fuel, Inc. |
||||||||||||||||||||
| Preferred shares, Series AAI | San Jose, CA Computer Software |
250,000 | 262,530 | 256,437 | 0.08 | % | ||||||||||||||
| The rSmart Group, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Scottsdale, AZ Higher Education Learning Platform |
1,201,923 | 1,268,640 | 196,768 | 0.07 | % | ||||||||||||||
| Odesk Corporation |
||||||||||||||||||||
| Common Shares | Redwood City, CA Online Workplace Platform |
30,000 | 183,269 | 163,725 | 0.05 | % | ||||||||||||||
See notes to the Condensed Consolidated Financial Statements
9
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Totus Solutions, Inc.(1) |
||||||||||||||||||||
| Convertible Promissory Note 6%, Expiration Date, 4/01/2016*** | Carrollton, TX | $ | 76,110 | $ | 76,430 | $ | 79,550 | 0.03 | % | |||||||||||
| Preferred shares, Series B | LED Lighting | 1,111,111 | 1,000,000 | 75,044 | 0.02 | % | ||||||||||||||
| Preferred shares, Series A | 869,265 | 2,184,422 | — | — | % | |||||||||||||||
| Common Shares | 1,130,735 | 2,840,591 | — | — | % | |||||||||||||||
| Total | 6,101,443 | 154,594 | 0.05 | % | ||||||||||||||||
| 4C Insights (f.k.a The Echo Systems Corp.) |
||||||||||||||||||||
| Preferred shares, Series A | Chicago, IL Social Data Platform |
512,365 | 1,436,404 | 153,710 | 0.05 | % | ||||||||||||||
| Earlyshares.com |
||||||||||||||||||||
| Preferred shares, Series A | Miami, FL Equity Crowd Funding |
165,715 | 261,598 | 125,115 | 0.04 | % | ||||||||||||||
| Dailybreak, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A-2 | Boston, MA Social Advertising |
347,666 | 426,254 | — | — | % | ||||||||||||||
| Preferred shares, Series A-1 | 1,878,129 | 2,430,950 | — | — | % | |||||||||||||||
| Total | 2,857,204 | — | — | % | ||||||||||||||||
| Total Portfolio Investments | 303,771,356 | 401,423,763 | 132.67 | % | ||||||||||||||||
| U.S. Treasury |
||||||||||||||||||||
| U.S. Treasury Bill, 0%, due 4/2/2015 | $ | 100,000,000 | $ | 100,013,333 | $ | 100,013,333 | 33.05 | % | ||||||||||||
| U.S. Treasury Strips(10) |
||||||||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 08/15/2016 | $ | 1,851,000 | 1,832,074 | 1,840,264 | 0.61 | % | ||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 02/15/2016 | $ | 1,834,000 | 1,825,362 | 1,830,149 | 0.61 | % | ||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 08/15/2015 | $ | 1,823,000 | 1,820,690 | 1,822,089 | 0.60 | % | ||||||||||||||
| Total | 5,478,126 | 5,492,502 | 1.82 | % | ||||||||||||||||
| Total Investments | $ | 409,262,815 | $ | 506,929,598 | 167.54 | % | ||||||||||||||
| * | All portfolio investments are non-control/non-affiliated and non-income producing, unless identified. Equity investments are subject to lock-up restrictions upon their initial public offering. |
| ** | Indicates assets that GSV Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended. |
| *** | Investment is income producing. |
| (1) | Denotes an Affiliate Investment. “Affiliate Investments” are investments in those companies that are “Affiliated Companies” of GSV Capital Corp., as defined in the Investment Company Act of 1940. A company is deemed to be an “Affiliate” of GSV Capital Corp. if GSV Capital Corp. owns 5% or more of the voting securities of such company. |
| (2) | Denotes a Control Investment. “Control Investments” are investments in those companies that are “Controlled Companies” of GSV Capital Corp., as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Company” of GSV Capital Corp. if GSV Capital Corp. owns 25% or more of the voting securities of such company. |
| (3) | GSV Capital Corp.’s investment in Avenues Global Holdings, LLC is held through its wholly-owned subsidiary GSVC AV Holdings, Inc. |
See notes to the Condensed Consolidated Financial Statements
10
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
March 31, 2015
(Unaudited)
| (4) | GSV Capital Corp.’s investment in Whittle Schools, LLC is held through its wholly-owned subsidiary GSVC WS Holdings, Inc. Whittle Schools, LLC is an investment whose economics are derived from the value of Avenues Global Holdings LLC. |
| (5) | GSV Capital Corp.’s investment in StormWind, LLC is held through its wholly-owned subsidiary GSVC SW Holdings, Inc. |
| (6) | GSV Capital Corp.’s investment in SharesPost, Inc. is held through its wholly-owned subsidiary SPNPM Holdings, LLC. |
| (7) | GSV Capital Corp.’s investment in Strategic Data Command, LLC is held through its wholly-owned subsidiary GSVC SVDS Holdings, Inc. |
| (8) | On October 22, 2013, Cricket Media (f/k/a ePals Inc.), priced its initial public offering, selling 40,267,333 shares at a price of CAD $0.075 per share. At March 31, 2015, GSV Capital Corp. valued Cricket Media (f/k/a ePals Inc.), based on its March 31, 2015 closing price. GSV Capital Corp.’s Chief Executive Officer, Michael Moe is a Board member of Cricket Media (f/k/a ePals Inc.), which subjects GSV Capital Corp. to insider trading restrictions under Canadian securities law. |
| (9) | On March 28, 2014, 2U, Inc. (f/k/a 2tor, Inc.) priced its initial public offering, selling 9,175,000 shares at a price of $13 per share. At March 31, 2015, GSV Capital Corp. valued 2U, Inc. (f/k/a 2tor, Inc.), based on its March 31, 2015 closing price less 10.0% as the shares are subject to trading restrictions under SEC Rule 144. Michael Moe is a Board member of 2U, Inc. (f/k/a 2tor, Inc.), which subjects GSV Capital Corp. to insider trading restrictions under U.S securities law. |
| (10) | Refer to Note 9 — Long Term Liabilities. In accordance with the terms of the Company’s Convertible Senior Notes payable, the Company deposited $10,867,500 in an escrow account with the Trustee. These funds were used to purchase U.S. Treasury Strips (“Government Securities”) with an original cost of $10,845,236. As of March 31, 2015, 3 of the government securities purchased had matured and the proceeds were used by the trustee in accordance with the terms of the escrow agreement. At March 31, 2015, the remaining government securities are shown on the Consolidated Schedule of Investments and have an amortized cost of $5,478,126. |
| (11) | Interest will accrue daily on the unpaid principal balance of the note. Accrued interest is not payable until the earlier of a) the closing of a subsequent equity offering by CUX, Inc., or b) the maturity of the note (November 26, 2018). Interest will compound annually beginning on November 26, 2015. |
See notes to the Condensed Consolidated Financial Statements
11
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2014
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Twitter, Inc.** |
||||||||||||||||||||
| Common shares | San Francisco, CA Social Communication |
1,600,600 | $ | 27,551,563 | $ | 57,413,522 | 20.08 | % | ||||||||||||
| Palantir Technologies, Inc. |
||||||||||||||||||||
| Common shares, Class A | Palo Alto, CA Cyber Security |
5,773,690 | 16,189,935 | 42,985,122 | 15.03 | % | ||||||||||||||
| Preferred shares, Series G | 326,797 | 1,008,968 | 2,490,193 | 0.87 | % | |||||||||||||||
| Total | 17,198,903 | 45,475,315 | 15.90 | % | ||||||||||||||||
| Dropbox, Inc. |
||||||||||||||||||||
| Common shares | San Francisco, CA Online Storage |
760,000 | 8,641,153 | 14,516,000 | 5.08 | % | ||||||||||||||
| Preferred shares, Series A-1 | 552,486 | 5,015,773 | 10,552,483 | 3.69 | % | |||||||||||||||
| Total | 13,656,926 | 25,068,483 | 8.77 | % | ||||||||||||||||
| 2U, Inc. (f/k/a 2tor, Inc.)(9)** |
||||||||||||||||||||
| Common shares | Landover, MD Online Education |
1,319,233 | 10,032,117 | 23,342,509 | 8.16 | % | ||||||||||||||
| Coursera, Inc. |
||||||||||||||||||||
| Preferred shares, Series B | Mountain View, CA Online Education |
2,961,399 | 14,519,519 | 14,510,855 | 5.08 | % | ||||||||||||||
| Solexel, Inc. |
||||||||||||||||||||
| Preferred shares, Series C | Milpitas, CA Solar Power |
5,300,158 | 11,598,648 | 11,607,346 | 4.06 | % | ||||||||||||||
| Preferred shares, Series D | 1,613,413 | 2,419,751 | 2,420,120 | 0.85 | % | |||||||||||||||
| Total | 14,018,399 | 14,027,466 | 4.91 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(3) |
||||||||||||||||||||
| Preferred shares, Junior Preferred Stock |
New York, NY Globally-focused Private School |
10,014,270 | 10,151,854 | 11,303,410 | 3.95 | % | ||||||||||||||
| SugarCRM, Inc. |
||||||||||||||||||||
| Common shares | Cupertino, CA Customer Relationship Manager |
1,899,799 | 6,799,392 | 9,214,025 | 3.22 | % | ||||||||||||||
| Preferred shares, Series E | 373,134 | 1,500,522 | 2,046,909 | 0.72 | % | |||||||||||||||
| Total | 8,299,914 | 11,260,934 | 3.94 | % | ||||||||||||||||
| Ozy Media, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Mountain View, CA Daily News and Information Site |
922,509 | 4,999,999 | 4,999,999 | 1.75 | % | ||||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 4,165,091 | 1.46 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 1,573,000 | 0.55 | % | |||||||||||||||
| Total | 8,500,199 | 10,738,090 | 3.76 | % | ||||||||||||||||
| Declara, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series A | Palo Alto, CA Social Cognitive Learning |
5,358,195 | 9,999,999 | 10,019,825 | 3.50 | % | ||||||||||||||
| JAMF Holdings, Inc. |
||||||||||||||||||||
| Preferred shares, Series B | Minneapolis, MN Mobile Device Management |
73,440 | 9,999,928 | 9,999,590 | 3.50 | % | ||||||||||||||
See notes to the Condensed Consolidated Financial Statements
12
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2014
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Curious.com Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series B | Menlo Park, CA Online Education |
2,839,861 | $ | 10,000,003 | $ | 9,996,311 | 3.50 | % | ||||||||||||
| PayNearMe, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series E | Sunnyvale, CA Cash Payment Network |
3,914,535 | 10,000,401 | 9,982,064 | 3.49 | % | ||||||||||||||
| StormWind, LLC(2)(5) |
||||||||||||||||||||
| Preferred shares, Series C | Scottsdale, AZ Interactive Learning |
2,779,134 | 4,000,787 | 4,338,830 | 1.52 | % | ||||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 4,347,608 | 1.52 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 391,592 | 0.14 | % | |||||||||||||||
| Preferred Unit Warrants $1.76 Strike Price, Expiration Date 1/6/15 | 568,753 | — | — | — | % | |||||||||||||||
| Total | 6,130,474 | 9,078,030 | 3.18 | % | ||||||||||||||||
| Chegg, Inc.** |
||||||||||||||||||||
| Common shares | Santa Clara, CA Textbook Rental |
1,182,792 | 14,022,863 | 8,173,093 | 2.86 | % | ||||||||||||||
| Lytro, Inc. |
||||||||||||||||||||
| Preferred Stock | Mountain View, CA Consumer Electronics |
2,533,784 | 7,500,001 | 7,500,001 | 2.62 | % | ||||||||||||||
| General Assembly Space, Inc. |
||||||||||||||||||||
| Preferred shares, Series C | New York, NY Online Education |
126,552 | 2,999,978 | 3,125,467 | 1.09 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 2,999,957 | 1.05 | % | |||||||||||||||
| Total | 5,999,961 | 6,125,424 | 2.14 | % | ||||||||||||||||
| Spotify Technology S.A.** |
||||||||||||||||||||
| Common shares | Stockholm, Sweden Music Streaming Service |
3,658 | 3,598,472 | 5,676,873 | 1.99 | % | ||||||||||||||
| Learnist Inc. (f/k/a Grockit, Inc.)(1) |
||||||||||||||||||||
| Preferred shares, Series D | San Francisco, CA Online Learning Platform |
2,728,252 | 2,005,945 | 2,319,014 | 0.81 | % | ||||||||||||||
| Preferred shares, Series E | 1,731,501 | 1,503,670 | 1,610,296 | 0.56 | % | |||||||||||||||
| Preferred shares, Series F | 1,242,928 | 1,450,000 | 1,450,000 | 0.51 | % | |||||||||||||||
| Total | 4,959,615 | 5,379,310 | 1.88 | % | ||||||||||||||||
| Knewton, Inc. |
||||||||||||||||||||
| Preferred shares, Series E | New York, NY Online Education |
375,985 | 4,999,999 | 5,000,601 | 1.75 | % | ||||||||||||||
| Course Hero, Inc. |
||||||||||||||||||||
| Preferred shares, Series A | Redwood City, CA Online Education |
2,145,509 | 5,000,001 | 5,000,001 | 1.75 | % | ||||||||||||||
| Lyft, Inc. |
||||||||||||||||||||
| Preferred shares, Series D | San Francisco, CA Peer to Peer Ridesharing |
493,490 | 5,003,634 | 4,999,054 | 1.75 | % | ||||||||||||||
| GSV Sustainability Partners(2) |
||||||||||||||||||||
| Preferred shares, Class A | Woodside, CA Clean Technology |
9,700,000 | 4,851,256 | 4,850,000 | 1.70 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | 10,000 | 0.00 | % | |||||||||||||||
| Total | 4,861,256 | 4,860,000 | 1.70 | % | ||||||||||||||||
See notes to the Condensed Consolidated Financial Statements
13
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2014
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||
| Fullbridge, Inc.(1) |
||||||||||||||||||||
| Preferred shares, Series C | Cambridge, MA Business Education |
1,728,724 | $ | 3,193,444 | $ | 1,625,001 | 0.57 | % | ||||||||||||
| Preferred shares, Series D | 1,655,167 | 2,956,022 | 3,111,714 | 1.09 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020 | 186,170 | 67,021 | 1,862 | 0.00 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018 | 82,418 | 9,799 | 824 | 0.00 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 12/11/2018 | 412,088 | 50,970 | 4,121 | 0.00 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 5/16/2019 | 192,308 | 23,244 | 1,923 | 0.00 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 3/22/2020 | 714,286 | 85,779 | 7,143 | 0.00 | % | |||||||||||||||
| Common warrants, $0.91 Strike Price, Expiration Date 10/09/2018 | 82,418 | 9,901 | 824 | 0.00 | % | |||||||||||||||
| Total | 6,396,180 | 4,753,412 | 1.66 | % | ||||||||||||||||
| Whittle Schools, LLC(1)(4) |
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| Preferred shares, Series B | New York, NY Globally-focused Private School |
3,000,000 | 3,000,000 | 3,000,000 | 1.05 | % | ||||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.52 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 1.57 | % | ||||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
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| Convertible preferred shares, Series C |
San Francisco, CA Corporate Education |
615,763 | 2,006,077 | 2,292,582 | 0.80 | % | ||||||||||||||
| Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018(12)*** |
$ | 1,000,000 | 1,000,000 | 1,007,671 | 0.35 | % | ||||||||||||||
| Convertible preferred shares, Series D |
169,033 | 778,607 | 716,066 | 0.25 | % | |||||||||||||||
| Preferred warrants, $4.59 Strike Price, Expiration Date 02/25/2018 | 16,903 | — | 12,508 | 0.00 | % | |||||||||||||||
| Total | 3,784,684 | 4,028,827 | 1.40 | % | ||||||||||||||||
| Parchment, Inc. |
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| Preferred shares, Series D | Scottsdale, AZ E-Transcript Exchange |
3,200,512 | 4,000,982 | 4,000,640 | 1.40 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
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| Preferred shares, Series A | Hong Kong Education Technology |
2,126,475 | 4,335,769 | 3,995,221 | 1.40 | % | ||||||||||||||
| Dataminr, Inc. |
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| Preferred shares, Series B | New York, NY Social Media Analytics |
904,977 | 2,063,356 | 2,869,320 | 1.00 | % | ||||||||||||||
| Preferred shares, Series C | 301,369 | 1,100,909 | 1,075,425 | 0.38 | % | |||||||||||||||
| Total | 3,164,265 | 3,944,745 | 1.38 | % | ||||||||||||||||
| NestGSV, Inc. (d.b.a. GSV Labs, Inc.),(2) |
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| Preferred shares, Series C | Redwood City, CA Incubator |
1,561,625 | 2,005,730 | 1,503,832 | 0.53 | % | ||||||||||||||
| Preferred shares, Series D | 1,095,418 | 1,404,499 | 1,460,557 | 0.51 | % | |||||||||||||||
| Preferred shares, Series A | 1,000,000 | 1,021,778 | 440,000 | 0.15 | % | |||||||||||||||
| Preferred shares, Series B | 450,000 | 605,500 | 265,980 | 0.09 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | 1,000 | 0.00 | % | |||||||||||||||
See notes to the Condensed Consolidated Financial Statements
14
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)
December 31, 2014
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal |
Cost | Fair Value | % of Net Assets | |||||||||||||||
| Preferred Warrant Series D – $1.33 Strike Price, Expiration Date 10/6/2019 | 500,000 | $ | — | $ | 65,000 | 0.02 | % | |||||||||||||
| Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/9/2019 | 187,500 | — | 24,375 | 0.01 | % | |||||||||||||||
| Total | 5,038,507 | 3,760,744 | 1.31 | % | ||||||||||||||||
| Bloom Energy Corporation |
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| Common shares | Sunnyvale, CA Fuel Cell Energy |
201,589 | 3,855,601 | 3,357,969 | 1.17 | % | ||||||||||||||
| Gilt Groupe Holdings, Inc. |
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| Common shares | New York, NY e-Commerce Flash Sales |
248,600 | 6,594,433 | 3,168,108 | 1.11 | % | ||||||||||||||
| SharesPost, Inc.(1)(6) |
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| Preferred shares, Series B | San Bruno, CA Online Marketplace Finance |
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