Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 54

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 54
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of the Fund’s common stock at a conversion price of $1.50 per share. Contemporaneously with the issuance of the Note, the Fund also
issued two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of the Fund’s common stock at an exercise
price of $1.50 per share.

New Portfolio
Investment. On February 10, 2025, we purchased from General Enterprise Ventures, Inc., a developer of fire suppression products (“ GEVI”),
a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for $1.5 million in cash (“ GEVI
Note”). The GEVI Note is convertible into shares of GEVI’s common stock at a conversion price of $0.40 per share. Contemporaneously
with the purchase of the GEVI Note, the Fund also received a common stock purchase warrant to acquire an aggregate of 1,875,000 shares
of GEVI common stock at an exercise price of $0.50 per share.

Sale of
Equus Energy. On March 3, 2025, we sold Equus Energy to North American Energy Opportunities Corp., a developer of upstream oil and
gas assets (“ NAEOC”). The consideration provided by NAEOC consisted of $1.25 million in cash and 27,500 shares of preferred
stock, redeemable within 6 months of the date of issuance at $100.00 per share based upon fulfillment of certain conditions.

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  TableOfContents  

Item 9. Changes
in and Disagreements with Accountants on Accounting and FinancialDisclosure

None.

Item 9A. Controls andProcedures