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, 2016
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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 | Smaller reporting company o | |||
| (do not check if a smaller reporting company) | ||||||
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 issuer had 22,181,003 shares of common stock, $0.01 par value per share, outstanding as of May 10, 2016.
GSV CAPITAL CORP.
TABLE OF CONTENTS
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Item 1. Condensed Consolidated Financial Statements
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
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| March 31, 2016 |
December 31, 2015 |
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| (Unaudited) | ||||||||
| ASSETS |
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| Investments at fair value: |
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| Investments in controlled securities (cost of $22,330,392 and $21,830,392, respectively)(1) | $ | 23,105,062 | $ | 22,871,790 | ||||
| Investments in affiliated securities (cost of $71,994,560 and $73,942,123, respectively)(1) | 67,935,085 | 66,075,585 | ||||||
| Investments in non-controlled/non-affiliated securities (cost of $193,925,756 and $197,577,328, respectively) | 234,248,249 | 260,861,392 | ||||||
| Investments in treasury bill (cost of $29,999,883 and $29,999,968, respectively) | 29,999,883 | 30,000,000 | ||||||
| Investments owned and pledged (amortized cost of $1,845,845 and $3,675,192, respectively)(2) | 1,847,613 | 3,676,693 | ||||||
| Total Investments (cost of $320,096,436 and $327,025,003, respectively) |
357,135,892 | 383,485,460 | ||||||
| Cash | 4,381,411 | 13,349,877 | ||||||
| Restricted cash | 75,681 | 52,931 | ||||||
| Due from: |
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| GSV Asset Management(1) | 1,623 | 220,770 | ||||||
| Portfolio companies(1) | 52,491 | 56,371 | ||||||
| Interest and dividends receivable | 185,534 | 97,183 | ||||||
| Prepaid expenses and other assets | 161,223 | 227,826 | ||||||
| Deferred financing costs(3) | 328,820 | 352,653 | ||||||
| Total Assets | 362,322,675 | 397,843,071 | ||||||
| LIABILITIES |
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| Due to: |
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| GSV Asset Management(1) | 25,690 | 5,047,429 | ||||||
| Accounts payable and accrued expenses | 393,161 | 105,587 | ||||||
| Accrued incentive fees(1) | 12,195,980 | 17,314,565 | ||||||
| Accrued management fees(1) | 655,912 | 683,423 | ||||||
| Accrued interest payable | 150,938 | 1,056,563 | ||||||
| Payable for securities purchased | 26,499,883 | 26,499,357 | ||||||
| Deferred tax liability | 12,476,155 | 12,476,155 | ||||||
| Convertible Senior Notes payable 5.25% due September 15, 2018(2)(3) | 66,863,075 | 66,649,047 | ||||||
| Total Liabilities | 119,260,794 | 129,832,126 | ||||||
| Commitments and contingencies (Note 6) |
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| Net Assets | $ | 243,061,881 | $ | 268,010,945 | ||||
See notes to the condensed consolidated financial statements
1
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES – (continued)
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| March 31, 2016 |
December 31, 2015 |
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| (Unaudited) | ||||||||
| NET ASSETS |
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| Common stock, par value $0.01 per share (100,000,000 authorized; 22,181,003 issued and outstanding, respectively) | $ | 221,810 | $ | 221,810 | ||||
| Paid-in capital in excess of par | 237,757,527 | 237,757,527 | ||||||
| Accumulated net investment loss | (16,087,030 | ) | (16,634,037 | ) | ||||
| Accumulated net realized gains/(losses) on investments | (3,393,728 | ) | 2,681,342 | |||||
| Accumulated net unrealized appreciation of investments | 24,563,302 | 43,984,303 | ||||||
| Net Assets | $ | 243,061,881 | $ | 268,010,945 | ||||
| Net Asset Value Per Share | $ | 10.96 | $ | 12.08 | ||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
| (2) | 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 U.S. Bank National Association, the trustee. These funds were used to purchase six U.S. Treasury Strips with an original cost of $10,845,236. As of March 31, 2016, five 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, 2016, the remaining government securities are shown on the Condensed Consolidated Statements of Assets and Liabilities as “Investments owned and pledged” with an amortized cost of $1,845,845. The Convertible Senior Notes have a face value of $69,000,000 due to the Company’s investors. Refer to “Note 9 — Long Term Liabilities” for a reconciliation of the carrying value to the face value. |
| (3) | Deferred debt issuance costs of $1,947,572 related to the Company’s issuance of the Convertible Senior Notes payable was previously classified as “Deferred Financing costs” as of December 31, 2015. In accordance with ASU 2015-03, this balance has been retrospectively reclassified as a direct deduction from the Convertible Senior Notes on the Condensed Consolidated Statements of Assets and Liabilities. Refer to “Note 1 — Nature of Operations and Significant Accounting Policies — Recent Accounting Pronouncements,” as well as “Note 9 — Long Term Liabilities” for further detail. |
See notes to the condensed consolidated financial statements
2
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
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| INVESTMENT INCOME |
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| Interest income from controlled securities(1) | $ | 4,889 | $ | — | ||||
| Interest income from affiliated securities(1) | 92,478 | 51,231 | ||||||
| Interest income from non-controlled/non-affiliated securities | 5,285 | 7,793 | ||||||
| Total Investment Income | 102,652 | 59,024 | ||||||
| OPERATING EXPENSES |
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| Management fees(1) | 1,958,000 | 1,921,128 | ||||||
| (Reversal of Incentive fee accrual)/Incentive fees(1) | (5,118,584 | ) | 8,211,728 | |||||
| Costs incurred under Administration Agreement(1) | 599,950 | 802,396 | ||||||
| Directors’ fees | 86,250 | 85,306 | ||||||
| Professional fees | 637,128 | 341,744 | ||||||
| Interest expense | 1,183,163 | 1,368,803 | ||||||
| Other expenses | 209,738 | 121,325 | ||||||
| Total Operating Expenses | (444,355 | ) | 12,852,430 | |||||
| Benefit for taxes on net investment loss | — | 5,223,611 | ||||||
| Net Investment Income/(Loss) | 547,007 | (7,569,795 | ) | |||||
| Net Realized Gains/(Losses): |
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| From non-controlled/non-affiliated securities | (6,075,070 | ) | 13,218,403 | |||||
| Net Realized Gains/(Losses) on investments | (6,075,070 | ) | 13,218,403 | |||||
| Provision for taxes on net realized gains on investments | — | (5,397,074 | ) | |||||
| Net Change in Unrealized Appreciation/(Depreciation) of investments: |
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| From controlled securities(1) | (266,728 | ) | (141,656 | ) | ||||
| From affiliated securities(1) | (1,148,187 | ) | 249,522 | |||||
| From non-controlled/non-affiliated securities | (18,006,086 | ) | 27,676,215 | |||||
| Net Change in Unrealized Appreciation/(Depreciation) of investments | (19,421,001 | ) | 27,784,081 | |||||
| Provision for taxes on unrealized appreciation of investments | — | (11,370,993 | ) | |||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | (24,949,064 | ) | $ | 16,664,622 | |||
| Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share |
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| Basic | $ | (1.12 | ) | $ | 0.86 | |||
| Diluted(2) | $ | (1.12 | ) | $ | 0.73 | |||
| Weighted-Average Common Shares Outstanding |
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| Basic | 22,181,003 | 19,320,100 | ||||||
| Diluted(2) | 22,181,003 | 23,564,228 | ||||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
| (2) | For the three months ended March 31, 2016, 5,710,212 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 5 — Net Increase/(Decrease) in Net Assets Resulting from Operations per Common Share — Basic and Diluted” for further detail. |
See notes to the condensed consolidated financial statements
3
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
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| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
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| Net Increase/(Decrease) in Net Assets Resulting from Operations |
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| Net Investment Income/(Loss) | $ | 547,007 | $ | (7,569,795 | ) | |||
| Net Realized Gains/(Losses) on Investments | (6,075,070 | ) | 13,218,403 | |||||
| Provision for Taxes on Realized Gains on Investments | — | (5,397,074 | ) | |||||
| Net Change in Unrealized Appreciation/(Depreciation) of Investments | (19,421,001 | ) | 27,784,081 | |||||
| Provision for Taxes on Unrealized Appreciation of Investments | — | (11,370,993 | ) | |||||
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (24,949,064 | ) | 16,664,622 | |||||
| Total Increase/(Decrease) in Net Assets | (24,949,064 | ) | 16,664,622 | |||||
| Net Assets at Beginning of Period | 268,010,945 | 285,903,673 | ||||||
| Net Assets at End of Period | $ | 243,061,881 | $ | 302,568,295 | ||||
| Capital Share Activity |
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| Shares Issued | — | — | ||||||
| Shares Outstanding at Beginning of Period | 22,181,003 | 19,320,100 | ||||||
| Shares Outstanding at End of Period | 22,181,003 | 19,320,100 | ||||||
See notes to the condensed consolidated financial statements
4
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
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| Cash Flows from Operating Activities |
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| Net increase/(decrease) in net assets resulting from operations | $ | (24,949,064 | ) | $ | 16,664,622 | |||
| Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: |
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| Net realized (gains)/losses on investments | 6,075,070 | (13,218,403 | ) | |||||
| Net change in unrealized (appreciation)/depreciation of investments | 19,421,001 | (27,784,081 | ) | |||||
| Deferred tax liability | — | 11,544,456 | ||||||
| Amortization of discount on Convertible Senior Notes | 214,028 | 209,835 | ||||||
| Amortization of deferred financing costs | 23,833 | 57,345 | ||||||
| Amortization of fixed income security premiums and discounts | (14,301 | ) | (15,441 | ) | ||||
| Change in restricted cash | (22,750 | ) | 7,708 | |||||
| Purchases of investments in: |
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| Portfolio investments | (6,005,951 | ) | (8,990,125 | ) | ||||
| United States treasury bills | (29,999,883 | ) | (100,013,333 | ) | ||||
| Proceeds from sales or maturity of investments in: |
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| Portfolio investments | 5,039,632 | 19,558,200 | ||||||
| United States treasury bills | 30,000,000 | 100,000,000 | ||||||
| United States treasuries strips | 1,834,000 | 1,816,000 | ||||||
| Change in operating assets and liabilities: |
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| Due from GSV Asset Management(1) | 219,147 | 98,981 | ||||||
| Due from portfolio companies(1) | 3,880 | 7,920 | ||||||
| Prepaid expenses and other assets | 66,603 | 47,575 | ||||||
| Interest and dividends receivable | (88,351 | ) | (37,118 | ) | ||||
| Due to GSV Asset Management(1) | (5,021,739 | ) | 6,859 | |||||
| Payable for securities purchased | 526 | (488,359 | ) | |||||
| Accounts payable and accrued expenses | 287,574 | (108,038 | ) | |||||
| Accrued incentive fees(1) | (5,118,585 | ) | 8,211,728 | |||||
| Accrued management fees(1) | (27,511 | ) | (67 | ) | ||||
| Accrued interest payable | (905,625 | ) | (988,520 | ) | ||||
| Net Cash Provided by/(Used in) Operating Activities | (8,968,466 | ) | 6,587,744 | |||||
| Cash Flows from Financing Activities |
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| Borrowings under Credit Facility | — | 6,000,000 | ||||||
| Repayments under Credit Facility | — | (8,000,000 | ) | |||||
| Net Cash Used in Financing Activities | — | (2,000,000 | ) | |||||
| Total Increase/(Decrease) in Cash Balance | (8,968,466 | ) | 4,587,744 | |||||
| Cash Balance at Beginning of Year | 13,349,877 | 3,472,880 | ||||||
| Cash Balance at End of Year | $ | 4,381,411 | $ | 8,060,624 | ||||
| Supplemental Information: |
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| Interest Paid | $ | 2,088,788 | $ | 2,357,323 | ||||
| Taxes Paid | $ | — | $ | — | ||||
| Non-Cash Operating Items |
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| Transactions in Portfolio Company Investments |
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| Structured notes converted to convertible notes | $ | — | $ | 609,683 | ||||
| (1) | This balance is a related-party transaction. Refer to “Note 2 — Related-Party Arrangements” for more detail. |
See notes to the condensed consolidated financial statements
5
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2016
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| Palantir Technologies, Inc. |
Palo Alto, CA | |||||||||||||||||||
| Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 2,470,710 | 1.02 | % | ||||||||||||
| Common shares, Class A | 5,773,690 | 16,189,935 | 43,645,831 | 17.96 | % | |||||||||||||||
| Total | 17,198,903 | 46,116,541 | 18.98 | % | ||||||||||||||||
| Dropbox, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Online Storage | 552,486 | 5,015,773 | 8,077,079 | 3.32 | % | ||||||||||||||
| Common shares | 760,000 | 8,641,153 | 11,107,661 | 4.57 | % | |||||||||||||||
| Total | 13,656,926 | 19,184,740 | 7.89 | % | ||||||||||||||||
| Spotify Technology S.A.** |
Stockholm, Sweden | |||||||||||||||||||
| Common shares | Music Streaming Service | 9,541 | 13,599,572 | 16,219,700 | 6.67 | % | ||||||||||||||
| Coursera, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 14,435,486 | 5.94 | % | ||||||||||||||
| Solexel, Inc. |
Milpitas, CA | |||||||||||||||||||
| Preferred shares, Series D | Solar Power | 1,613,413 | 2,419,751 | 2,419,151 | 1.00 | % | ||||||||||||||
| Preferred shares, Series C | 5,300,158 | 11,598,648 | 11,607,346 | 4.78 | % | |||||||||||||||
| Total | 14,018,399 | 14,026,497 | 5.78 | % | ||||||||||||||||
| PayNearMe, Inc.(1) |
Sunnyvale, CA | |||||||||||||||||||
| Preferred shares, Series E | Cash Payment Network | 5,480,348 | 14,000,398 | 13,974,887 | 5.75 | % | ||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | Peer to Peer Ridesharing | 128,563 | 2,503,585 | 3,177,630 | 1.31 | % | ||||||||||||||
| Preferred shares, Series D | 427,933 | 4,342,478 | 10,506,132 | 4.32 | % | |||||||||||||||
| Total | 6,846,063 | 13,683,762 | 5.63 | % | ||||||||||||||||
| Twitter, Inc. |
San Francisco, CA | |||||||||||||||||||
| Common shares | Social Communication | 800,600 | 14,271,866 | 13,249,930 | 5.45 | % | ||||||||||||||
| Declara, Inc.(1) |
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| Convertible Promissory Note 6% Due 12/30/16*** |
Palo Alto, CA | $ | 2,000,000 | 2,000,000 | 2,000,000 | 0.82 | % | |||||||||||||
| Preferred shares, Series A | Social Cognitive Learning | 10,716,390 | 9,999,999 | 9,999,999 | 4.11 | % | ||||||||||||||
| Total | 11,999,999 | 11,999,999 | 4.93 | % | ||||||||||||||||
| Curious.com Inc.(1) |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 3,407,834 | 12,000,006 | 11,995,576 | 4.94 | % | ||||||||||||||
| General Assembly Space, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 5,815,601 | 2.39 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 5,805,286 | 2.39 | % | |||||||||||||||
| Total | 5,999,961 | 11,620,887 | 4.78 | % | ||||||||||||||||
| JAMF Holdings, Inc. |
Minneapolis, MN | |||||||||||||||||||
| Preferred shares, Series B | Mobile Device Management | 73,440 | 9,999,928 | 11,405,305 | 4.69 | % | ||||||||||||||
| Avenues Global Holdings, LLC (3) |
New York, NY | |||||||||||||||||||
| Preferred shares, Junior Preferred Stock | Globally-focused Private School |
10,014,270 | 10,151,854 | 10,795,434 | 4.44 | % | ||||||||||||||
See notes to the condensed consolidated financial statements
6
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
March 31, 2016
(Unaudited)
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| StormWind, LLC(2)(5) |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series C | Interactive Learning | 2,779,134 | $ | 4,000,787 | $ | 5,212,820 | 2.14 | % | ||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 5,010,584 | 2.06 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 560,189 | 0.23 | % | |||||||||||||||
| Total | 6,130,474 | 10,783,593 | 4.43 | % | ||||||||||||||||
| Ozy Media, Inc.(1) |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Daily News and Information Site |
922,509 | 4,999,999 | 4,667,956 | 1.92 | % | ||||||||||||||
| Preferred shares, Series A | 1,090,909 | 3,000,200 | 3,888,493 | 1.60 | % | |||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 1,524,555 | 0.63 | % | |||||||||||||||
| Total | 8,500,199 | 10,081,004 | 4.15 | % | ||||||||||||||||
| Lytro, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series C-1 | Light Field Imaging Platform | 3,378,379 | 10,000,002 | 10,000,002 | 4.11 | % | ||||||||||||||
| Dataminr, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 2,193,700 | 0.90 | % | ||||||||||||||
| Preferred shares, Series B | 904,977 | 2,063,356 | 6,587,434 | 2.71 | % | |||||||||||||||
| Total | 3,164,265 | 8,781,134 | 3.61 | % | ||||||||||||||||
| SugarCRM, Inc. |
Cupertino, CA | |||||||||||||||||||
| Preferred shares, Series E | Customer Relationship | 373,134 | 1,500,522 | 1,858,207 | 0.76 | % | ||||||||||||||
| Common shares | Manager | 1,524,799 | 5,476,502 | 6,768,255 | 2.78 | % | ||||||||||||||
| Total | 6,977,024 | 8,626,462 | 3.54 | % | ||||||||||||||||
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) |
Redwood City, CA | |||||||||||||||||||
| Convertible Promissory Note 8% Due 06/30/16*** |
Incubator |
$ | 500,000 | 500,000 | 500,000 | 0.21 | % | |||||||||||||
| Preferred shares, Series D | 3,720,424 | 4,904,498 | 4,960,565 | 2.04 | % | |||||||||||||||
| Preferred shares, Series C | 1,561,625 | 2,005,730 | 1,733,404 | 0.71 | % | |||||||||||||||
| Preferred shares, Series B | 450,001 | 605,500 | — | — | % | |||||||||||||||
| Preferred shares, Series A | 1,000,000 | 1,021,778 | — | — | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | — | — | % | |||||||||||||||
| Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019 | 500,000 | — | 100,000 | 0.04 | % | |||||||||||||||
| Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/9/2019 | 187,500 | — | 22,500 | 0.01 | % | |||||||||||||||
| Total | 9,038,506 | 7,316,469 | 3.01 | % | ||||||||||||||||
| Fullbridge, Inc.(1) |
Cambridge, MA | |||||||||||||||||||
| Convertible Promissory Note 10% Due 03/02/16*** | Business Education |
$ | 1,030,507 | 1,030,912 | 1,030,506 | 0.43 | % | |||||||||||||
| Convertible Promissory Note 10% Due 03/14/17*** | $ | 1,000,000 | 1,000,000 | 1,000,000 | 0.42 | % | ||||||||||||||
| Preferred shares, Series D | 1,655,167 | 2,957,062 | 2,573,785 | 1.06 | % | |||||||||||||||
| Preferred shares, Series C | 1,728,724 | 3,193,444 | 1,344,083 | 0.55 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/02/2020 | 283,106 | 35,767 | 11,324 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/22/2020 | 186,170 | 23,521 | 7,447 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 5/16/2019 | 192,308 | 24,296 | 7,692 | — | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 4/03/2019 | 412,088 | 52,063 | 16,484 | 0.01% | ||||||||||||||||
See notes to the condensed consolidated financial statements
7
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
March 31, 2016
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| 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 | — | % | |||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 2/18/2019 | 714,286 | 90,242 | 21,429 | 0.01 | % | |||||||||||||||
| Total | 8,428,132 | 6,017,696 | 2.48 | % | ||||||||||||||||
| Enjoy Technology, Inc. |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Shopping | 1,681,520 | 4,000,280 | 4,000,000 | 1.65 | % | ||||||||||||||
| Preferred shares, Series A | 879,198 | 1,002,440 | 1,439,400 | 0.59 | % | |||||||||||||||
| Total | 5,002,720 | 5,439,400 | 2.24 | % | ||||||||||||||||
| Chegg, Inc. |
Santa Clara, CA | |||||||||||||||||||
| Common shares | Textbook Rental | 1,182,792 | 14,022,863 | 5,275,252 | 2.17 | % | ||||||||||||||
| Course Hero, Inc. |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 5,103,870 | 2.10 | % | ||||||||||||||
| GSV Sustainability Partners(2) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Class A | Clean Technology | 14,300,000 | 7,151,412 | 5,005,000 | 2.06 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | — | — | % | |||||||||||||||
| Total | 7,161,412 | 5,005,000 | 2.06 | % | ||||||||||||||||
| Knewton, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series E | Online Education | 375,985 | 4,999,999 | 4,953,723 | 2.04 | % | ||||||||||||||
| Whittle Schools, LLC(1)(4) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-focused Private School |
3,000,000 | 3,000,000 | 3,000,000 | 1.23 | % | ||||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.62 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 1.85 | % | ||||||||||||||||
| Parchment, Inc. |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,000,000 | 1.65 | % | ||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
San Francisco, CA | |||||||||||||||||||
| Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***(10) | Corporate Education |
$ | 1,080,000 | 1,080,000 | 1,080,000 | 0.44 | % | |||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.32 | % | |||||||||||||||
| Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,913,484 | 0.79 | % | |||||||||||||||
| Preferred warrants, $4.59 Strike Price, Expiration Date 02/25/2018 | 16,903 | — | 3,043 | — | % | |||||||||||||||
| Total | 3,864,684 | 3,772,388 | 1.55 | % | ||||||||||||||||
| DogVacay, Inc. |
Santa Monica, CA | |||||||||||||||||||
| Preferred shares, Series B-1 | Dog Boarding | 514,562 | 2,506,119 | 2,500,771 | 1.03 | % | ||||||||||||||
| SharesPost, Inc.(6) |
San Bruno, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Marketplace Finance | 1,771,653 | 2,259,716 | 2,249,999 | 0.93 | % | ||||||||||||||
| Common warrants, $0.13 Strike Price, Expiration Date 6/15/2018 | 770,934 | 23,128 | 177,315 | 0.07 | % | |||||||||||||||
| Total | 2,282,844 | 2,427,314 | 1.00% | |||||||||||||||||
See notes to the condensed consolidated financial statements
8
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
March 31, 2016
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Maven Research, Inc.(1) |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series C | Knowledge Networks | 318,979 | $ | 2,000,447 | $ | 1,999,998 | 0.82 | % | ||||||||||||
| Preferred shares, Series B | 49,505 | 217,206 | 249,691 | 0.10 | % | |||||||||||||||
| Total | 2,217,653 | 2,249,689 | 0.92 | % | ||||||||||||||||
| DreamBox Learning, Inc. |
Bellevue, WA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Technology | 7,159,221 | 1,502,362 | 1,258,025 | 0.52 | % | ||||||||||||||
| Preferred shares, Series A | 3,579,610 | 758,017 | 629,012 | 0.26 | % | |||||||||||||||
| Total | 2,260,379 | 1,887,037 | 0.78 | % | ||||||||||||||||
| Clever, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series B | Education Software | 1,799,047 | 2,000,601 | 1,505,161 | 0.62 | % | ||||||||||||||
| Circle Media (f/k/a S3 Digital Corp. (d/b/a S3i))(1) |
New York, NY | |||||||||||||||||||
| Promissory Note 12%, 11/18/2016*** | Sports Analytics | $ | 25,000 | 26,544 | 25,000 | 0.01 | % | |||||||||||||
| Preferred shares, Series A | 1,864,495 | 1,777,576 | 1,048,957 | 0.43 | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 11/18/2022 | 5,360 | 576 | 107 | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 08/29/2021 | 175,815 | — | 3,516 | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 6/26/2021 | 38,594 | — | 772 | — | % | |||||||||||||||
| Preferred warrants, $1.17 Strike Price, Expiration Date 09/30/2020 | 160,806 | — | 3,216 | — | % | |||||||||||||||
| Preferred warrants, $1.00 Strike Price, Expiration Date 11/21/2017 | 500,000 | 31,354 | 15,000 | 0.01 | % | |||||||||||||||
| Total | 1,836,050 | 1,096,568 | 0.45 | % | ||||||||||||||||
| EdSurge, Inc.(1) |
Burlingame, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Education Media Platform | 378,788 | 501,360 | 501,682 | 0.21 | % | ||||||||||||||
| Preferred shares, Series A | 494,365 | 500,801 | 526,632 | 0.22 | % | |||||||||||||||
| Total | 1,002,161 | 1,028,314 | 0.43 | % | ||||||||||||||||
| Strategic Data Command, LLC(1)(7) |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Software Development | 2,400,000 | 989,277 | 1,001,650 | 0.41 | % | ||||||||||||||
| Aspiration Partners, Inc. |
Marina Del Rey, CA | |||||||||||||||||||
| Preferred shares, Series A | Financial Services | 18,009 | 1,001,815 | 913,980 | 0.38 | % | ||||||||||||||
| 4C Insights (f/k/a The Echo Systems Corp.) |
Chicago, IL | |||||||||||||||||||
| Preferred shares, Series A | Social Data Platform | 512,365 | 1,436,404 | 850,210 | 0.35 | % | ||||||||||||||
| Tynker (f/k/a Neuron Fuel, Inc.) |
San Jose, CA | |||||||||||||||||||
| Preferred shares, Series A | Computer Software | 534,162 | 309,310 | 786,715 | 0.32 | % | ||||||||||||||
| AlwaysOn, Inc.(1) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Social Media | 4,465,925 | 876,023 | 89,319 | 0.04 | % | ||||||||||||||
| Preferred shares, Series A | 1,066,626 | 1,027,391 | 127,995 | 0.05 | % | |||||||||||||||
| Preferred warrants Series A, $1.00 strike price, expire 1/9/2017 | 109,375 | — | — | — | % | |||||||||||||||
| Total | 1,903,414 | 217,314 | 0.09 | % | ||||||||||||||||
| Cricket Media (f/k/a ePals Inc.)**(8) |
Herndon, VA | |||||||||||||||||||
| Common shares | Online Education | 1,333,333 | 2,448,959 | 133,678 | 0.05% | |||||||||||||||
See notes to the condensed consolidated financial statements
9
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
March 31, 2016
(Unaudited)
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| AliphCom, Inc. (d/b/a Jawbone) |
San Francisco, CA | |||||||||||||||||||
| Common shares | Smart Device Company | 150,000 | $ | 793,152 | $ | 130,910 | 0.05 | % | ||||||||||||
| Upwork Global Inc. (f/k/a Odesk Corporation) |
Redwood City, CA | |||||||||||||||||||
| Common Shares | Online Workplace Platform | 25,159 | 183,269 | 114,964 | 0.05 | % | ||||||||||||||
| Earlyshares.com, Inc. |
Miami, FL | |||||||||||||||||||
| Convertible Promissory Note 5%, 8/02/2016(11) |
Equity Crowdfunding |
$ | 50,000 | 50,840 | 50,000 | 0.02 | % | |||||||||||||
| Preferred shares, Series A | 165,715 | 261,598 | 25,023 | 0.01 | % | |||||||||||||||
| Total | 312,438 | 75,023 | 0.03 | % | ||||||||||||||||
| Orchestra One, Inc. (f/k/a Learnist Inc.) |
San Francisco, CA | |||||||||||||||||||
| Common shares | Consumer Health Technology | 57,026 | 4,959,614 | 4,361 | 0.01 | % | ||||||||||||||
| Global Education Learning (Holdings) Ltd.(1)** |
Hong Kong | |||||||||||||||||||
| Preferred shares, Series A | Education Technology | 2,126,475 | 675,495 | — | — | % | ||||||||||||||
| Total Portfolio Investments | 288,250,708 | 325,288,396 | 133.83 | % | ||||||||||||||||
| U.S. Treasury |
||||||||||||||||||||
| U.S. Treasury Bill, 0%, due 4/7/2016 | $ | 30,000,000 | 29,999,883 | 29,999,883 | 12.34 | % | ||||||||||||||
| U.S. Treasury Strips(9) |
||||||||||||||||||||
| United States Treasury Strip Coupon, 0.00% due 08/15/2016 | $ | 1,851,000 | 1,845,845 | 1,847,613 | 0.76 | % | ||||||||||||||
| Total Investments | $ | 320,096,436 | $ | 357,135,892 | 146.93 | % | ||||||||||||||
| * | 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. All investments are pledged as collateral, unless otherwise noted, to the Credit Facility. The Company’s officers and staff may serve on the board of directors of the Company’s portfolio investments. |
| ** | 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. Of GSV Capital Corp.’s total portfolio, 4.6% of its total investments are non-qualifying. |
| *** | 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, as amended. 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, as amended. 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. |
| (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 that is collateralized by Avenues Global Holdings LLC as well as the personal collateral of Chris Whittle, the former chairman of Avenues Global Holdings LLC. |
See notes to the condensed consolidated financial statements
10
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
March 31, 2016
(Unaudited)
| (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, 2016, GSV Capital Corp. valued Cricket Media based on its March 31, 2016 closing price. GSV Capital Corp.’s Chief Executive Officer, Michael Moe, serves on the board of directors for Cricket Media, which subjects GSV Capital Corp. to insider trading restrictions under Canadian securities law. |
| (9) | Refer to “Note 9 — Long Term Liabilities.” In accordance with the terms of the Company’s Convertible Senior Notes, the Company deposited $10,867,500 in an escrow account with U.S. Bank National Association, the trustee. These funds were used to purchase six U.S. Treasury Strips with an original cost of $10,845,236. As of March 31, 2016, five 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, 2016, the remaining government securities are shown on the Condensed Consolidated Schedule of Investments with an amortized cost of $1,845,845. These securities do not represent collateral under the Credit Facility, as these securities are pledged exclusively for the repayment of interest under the Convertible Senior Notes. |
| (10) | 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. (d/b/a CorpU), or (b) the maturity of the note (November 26, 2018). Interest began compounding annually on November 26, 2015. |
| (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 Earlyshares.com, Inc., or (b) the maturity of the note (August 2, 2016). Interest began compounding annually on February 26, 2015. |
See notes to the condensed consolidated financial statements
11
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2015
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Palantir Technologies, Inc. |
Palo Alto, CA | |||||||||||||||||||
| Preferred shares, Series G | Data Analysis | 326,797 | $ | 1,008,968 | $ | 3,018,787 | 1.13 | % | ||||||||||||
| Common shares, Class A | 5,773,690 | 16,189,935 | 53,334,461 | 19.90 | % | |||||||||||||||
| Total | 17,198,903 | 56,353,248 | 21.03 | % | ||||||||||||||||
| Dropbox, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series A-1 | Online Storage | 552,486 | 5,015,773 | 9,359,241 | 3.49 | % | ||||||||||||||
| Common shares | 760,000 | 8,641,153 | 12,872,947 | 4.80 | % | |||||||||||||||
| Total | 13,656,926 | 22,232,188 | 8.29 | % | ||||||||||||||||
| Twitter, Inc.** |
San Francisco, CA | |||||||||||||||||||
| Common shares | Social Communication | 800,600 | 14,271,866 | 18,525,884 | 6.91 | % | ||||||||||||||
| Spotify Technology S.A.** |
Stockholm, Sweden | |||||||||||||||||||
| Common shares | Music Streaming Service | 9,541 | 13,599,572 | 16,219,700 | 6.05 | % | ||||||||||||||
| Coursera, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,961,399 | 14,519,519 | 14,435,486 | 5.39 | % | ||||||||||||||
| Solexel, Inc. |
Milpitas, CA | |||||||||||||||||||
| Preferred shares, Series D | Solar Power | 1,613,413 | 2,419,751 | 2,420,120 | 0.90 | % | ||||||||||||||
| Preferred shares, Series C | 5,300,158 | 11,598,648 | 11,607,346 | 4.33 | % | |||||||||||||||
| Total | 14,018,399 | 14,027,466 | 5.23 | % | ||||||||||||||||
| PayNearMe, Inc.(1) |
Sunnyvale, CA | |||||||||||||||||||
| Preferred shares, Series E | Cash Payment Network | 5,480,348 | 14,000,398 | 13,974,887 | 5.21 | % | ||||||||||||||
| Lyft, Inc. |
San Francisco, CA | |||||||||||||||||||
| Preferred shares, Series E | Peer to Peer Ridesharing | 128,563 | 2,503,585 | 2,976,876 | 1.11 | % | ||||||||||||||
| Preferred shares, Series D | 493,490 | 5,003,631 | 10,992,490 | 4.10 | % | |||||||||||||||
| Total | 7,507,216 | 13,969,366 | 5.21 | % | ||||||||||||||||
| Declara, Inc.(1)(12) |
||||||||||||||||||||
| Convertible Promissory Note 6% Due 12/30/16*** |
Palo Alto, CA | $ | 2,000,000 | 2,000,000 | 2,000,000 | 0.75 | % | |||||||||||||
| Preferred shares, Series A | Social Cognitive Learning | 10,716,390 | 9,999,999 | 9,999,999 | 3.73 | % | ||||||||||||||
| Total | 11,999,999 | 11,999,999 | 4.48 | % | ||||||||||||||||
| General Assembly Space, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Online Education | 126,552 | 2,999,978 | 5,765,799 | 2.15 | % | ||||||||||||||
| Common shares | 133,213 | 2,999,983 | 5,755,573 | 2.15 | % | |||||||||||||||
| Total | 5,999,961 | 11,521,372 | 4.30 | % | ||||||||||||||||
| Dataminr, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series C | Social Media Analytics | 301,369 | 1,100,909 | 2,845,044 | 1.06 | % | ||||||||||||||
| Preferred shares, Series B | 904,977 | 2,063,356 | 8,543,345 | 3.19 | % | |||||||||||||||
| Total | 3,164,265 | 11,388,389 | 4.25 | % | ||||||||||||||||
| Avenues Global Holdings, LLC(3) |
New York, NY | |||||||||||||||||||
| Preferred shares, Junior Preferred Stock | Globally-focused Private School |
10,014,270 | 10,151,857 | 11,015,633 | 4.11 | % | ||||||||||||||
| JAMF Holdings, Inc. |
Minneapolis, MN | |||||||||||||||||||
| Preferred shares, Series B | Mobile Device Management | 73,440 | 9,999,928 | 10,722,799 | 4.00 | % | ||||||||||||||
See notes to the condensed consolidated financial statements
12
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2015
|
|
|
|
|
|
|||||||||||||||
| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
|||||||||||||||
| Ozy Media, Inc.(1) |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series B | Daily News and | 922,509 | $ | 4,999,999 | $ | 4,690,178 | 1.75 | % | ||||||||||||
| Preferred shares, Series A | Information Site | 1,090,909 | 3,000,200 | 3,907,004 | 1.46 | % | ||||||||||||||
| Preferred shares, Series Seed | 500,000 | 500,000 | 1,531,812 | 0.57 | % | |||||||||||||||
| Total | 8,500,199 | 10,128,994 | 3.78 | % | ||||||||||||||||
| Curious.com Inc.(1) |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Education | 2,839,861 | 10,000,003 | 9,996,311 | 3.73 | % | ||||||||||||||
| SugarCRM, Inc. |
Cupertino, CA | |||||||||||||||||||
| Preferred shares, Series E | Customer Relationship |
373,134 | 1,500,522 | 2,152,983 | 0.80 | % | ||||||||||||||
| Common shares | Manager | 1,524,799 | 5,476,502 | 7,830,323 | 2.92 | % | ||||||||||||||
| Total | 6,977,024 | 9,983,306 | 3.72 | % | ||||||||||||||||
| StormWind, LLC(2)(5) |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series C | Interactive Learning | 2,779,134 | 4,000,787 | 4,599,718 | 1.72 | % | ||||||||||||||
| Preferred shares, Series B | 3,279,629 | 2,019,687 | 4,633,228 | 1.73 | % | |||||||||||||||
| Preferred shares, Series A | 366,666 | 110,000 | 518,000 | 0.19 | % | |||||||||||||||
| Total | 6,130,474 | 9,750,946 | 3.64 | % | ||||||||||||||||
| Chegg, Inc.** |
Santa Clara, CA | |||||||||||||||||||
| Common shares | Textbook Rental | 1,182,792 | 14,022,863 | 7,960,190 | 2.97 | % | ||||||||||||||
| Lytro, Inc. |
Mountain View, CA | |||||||||||||||||||
| Preferred shares, Series C-1 | Consumer Electronics | 2,533,784 | 7,500,001 | 7,500,001 | 2.80 | % | ||||||||||||||
| NestGSV, Inc. (d/b/a GSV Labs, Inc.)(2) |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series D | Incubator | 3,720,424 | 4,904,498 | 4,960,565 | 1.85 | % | ||||||||||||||
| Preferred shares, Series C | 1,561,625 | 2,005,730 | 1,733,404 | 0.65 | % | |||||||||||||||
| Preferred shares, Series B | 450,000 | 605,500 | — | 0.00 | % | |||||||||||||||
| Preferred shares, Series A | 1,000,000 | 1,021,778 | — | 0.00 | % | |||||||||||||||
| Common shares | 200,000 | 1,000 | — | 0.00 | % | |||||||||||||||
| Preferred warrants, Series D – $1.33 Strike Price, Expiration Date 10/6/2019 | 500,000 | — | 145,000 | 0.05 | % | |||||||||||||||
| Preferred warrants, Series C – $1.33 Strike Price, Expiration Date 4/9/2019 | 187,500 | — | 31,875 | 0.01 | % | |||||||||||||||
| Total | 8,538,506 | 6,870,844 | 2.56 | % | ||||||||||||||||
| GSV Sustainability Partners(2) |
Woodside, CA | |||||||||||||||||||
| Preferred shares, Class A | Clean Technology | 14,300,000 | 7,151,412 | 6,250,000 | 2.33 | % | ||||||||||||||
| Common shares | 100,000 | 10,000 | 0.00 | 0.00 | % | |||||||||||||||
| Total | 7,161,412 | 6,250,000 | 2.33 | % | ||||||||||||||||
| Fullbridge, Inc.(1) |
Cambridge, MA | |||||||||||||||||||
| Convertible Promissory Note 10% Due 03/02/16*** | Business Education |
$ | 1,030,507 | 1,020,859 | 1,020,859 | 0.39 | % | |||||||||||||
| Preferred shares, Series D | 1,655,167 | 2,956,022 | 3,111,714 | 1.16 | % | |||||||||||||||
| Preferred shares, Series C | 1,728,724 | 3,193,444 | 1,625,001 | 0.61 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/02/2020 | 283,106 | 35,767 | 2,831 | 0.00 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 3/22/2020 | 186,170 | 23,521 | 1,862 | 0.00 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 5/16/2019 | 192,308 | 24,296 | 1,923 | 0.00 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 4/03/2019 | 412,088 | 52,063 | 4,121 | 0.00% | ||||||||||||||||
See notes to the condensed consolidated financial statements
13
GSV CAPITAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2015
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| Portfolio Investments* | Headquarters/Industry | Shares/ Principal | Cost | Fair Value | % of Net Assets |
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| Common Warrants – Strike Price $0.91, Expiration Date 12/11/2018 | 82,418 | $ | 10,413 | $ | 824 | 0.00 | % | |||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 10/10/2018 | 82,418 | 10,412 | 824 | 0.00 | % | |||||||||||||||
| Common Warrants – Strike Price $0.91, Expiration Date 2/18/2019 | 714,286 | 90,242 | 7,143 | 0.00 | % | |||||||||||||||
| Total | 7,417,039 | 5,777,102 | 2.16 | % | ||||||||||||||||
| Enjoy Technology, Inc. |
Menlo Park, CA | |||||||||||||||||||
| Preferred shares, Series B | Online Shopping | 1,681,520 | 4,000,280 | 4,000,000 | 1.49 | % | ||||||||||||||
| Preferred shares, Series A | 879,198 | 1,002,440 | 1,439,400 | 0.54 | % | |||||||||||||||
| Total | 5,002,720 | 5,439,400 | 2.03 | % | ||||||||||||||||
| Course Hero, Inc. |
Redwood City, CA | |||||||||||||||||||
| Preferred shares, Series A | Online Education | 2,145,509 | 5,000,001 | 5,000,001 | 1.87 | % | ||||||||||||||
| Knewton, Inc. |
New York, NY | |||||||||||||||||||
| Preferred shares, Series E | Online Education | 375,985 | 4,999,999 | 4,954,086 | 1.85 | % | ||||||||||||||
| Whittle Schools, LLC(1)(4) |
New York, NY | |||||||||||||||||||
| Preferred shares, Series B | Globally-focused Private School |
3,000,000 | 3,000,000 | 3,000,000 | 1.12 | % | ||||||||||||||
| Common shares | 229 | 1,577,097 | 1,500,000 | 0.56 | % | |||||||||||||||
| Total | 4,577,097 | 4,500,000 | 1.68 | % | ||||||||||||||||
| Parchment, Inc. |
Scottsdale, AZ | |||||||||||||||||||
| Preferred shares, Series D | E-Transcript Exchange | 3,200,512 | 4,000,982 | 4,000,000 | 1.49 | % | ||||||||||||||
| CUX, Inc. (d/b/a CorpU)(1) |
San Francisco, CA | |||||||||||||||||||
| Senior Subordinated Convertible Promissory Note 8% Due 11/26/2018***(10) | Corporate Education |
$ | 1,080,000 | 1,080,000 | 1,080,000 | 0.40 | % | |||||||||||||
| Convertible preferred shares, Series D | 169,033 | 778,607 | 775,861 | 0.29 | % | |||||||||||||||
| Convertible preferred shares, Series C | 615,763 | 2,006,077 | 1,959,127 | 0.73 | % | |||||||||||||||
| Preferred warrants, $4.59 Strike Price, Expiration Date 02/25/2018 | 16,903 | — | 10,142 | — | % | |||||||||||||||
| Total | 3,864,684 | 3,825,130 | 1.42 | % | ||||||||||||||||
| Bloom Energy Corporation |
Sunnyvale, CA | |||||||||||||||||||
| Common shares | Fuel Cell Energy | 201,589 | 3,855,601 | 3,014,861 | 1.12 | % | ||||||||||||||
| DogVacay, Inc. |
Santa Monica, CA | |||||||||||||||||||
| Preferred shares, Series B-1 | Dog Boarding | 514,562 | 2,506,119 | 2,500,771 | 0.93 | % | ||||||||||||||
| SharesPost, Inc.(6) |
San Bruno, CA | |||||||||||||||||||