Mill City Reveals 47.5% Increase in Investment Income and 39% Increase in Shareholder Equity in Q3 Financial Report

Mill City Ventures III, Ltd. (NASDAQ: MCVT) announced financial results for the three-month and nine-month periods ending September 30, 2022.

3Q 2022 Highlights

• Investment income from lending operations increased 47.5% to $1,115,224 in the three-month period ended September 30, 2022, from $755,601 in the prior year period. For the nine-month period, investment income was $3,351,935 compared to $1,977,992 in the prior year period, a 69% increase. 
• Net loss in the third quarter was ($64,568) compared to a gain of $516,019 in the prior year period.  The loss in the third quarter was driven primarily by professional fees incurred during the quarter related to the Company’s public offering and listing on Nasdaq. In the nine-month period, net gain from lending operations increased to $1,124,070 from $954,396 in the prior year period, a 17.7% increase.
• Shareholder equity increased to $18,658,595 from $13,414,049 at December 31, 2021 
• On September 30, 2022, the Company had $1,861,650 in cash, compared with $1,936,148 at December 31, 2021.

Commenting on the quarter, Chief Executive Officer Douglas M. Polinsky said, “Our third quarter results reflect the continued robust demand for our short-term loans as income from operations increased on a three-month and nine-month basis. Our net results include professional fees we incurred in connection with our public offering and uplisting to Nasdaq in August and as part of our efforts to raise our visibility with the investment community and grow our business. The market demand for our lending solutions continues to be the main driver of our growth, and we intend to remain opportunistic about acquisitions that may accelerate that growth.”

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