Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 23

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 23
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, 2024, and the selected per share data and ratios for each of the five
years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Opinion
on the Financial Statements

We have
audited the accompanying balance sheets of Equus Total Return, Inc. (the “ Fund”), including the schedules of investments,
as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years
in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Table of Contents in Item
15(a)(1) (collectively referred to as the “financial statements”) and the selected per share data and ratios for each of the
five years in the period ended December 31, 2024. In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in net assets and its cash
flows for each of the three years in the period ended December 31, 2024, and the selected per share data and ratios for each of the five
years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Going Concern
Uncertainty

The accompanying
financial statements have been prepared assuming that the Fund will continue as a going concern. As discussed in Note 2 to the financial
statements, the Fund has insufficient operating cash flows and cash on hand that raises substantial doubt about its ability to continue
as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

Basis for
Opinion

These financial
statements and the selected per share data and ratios are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on the Fund’s financial statements and the selected per share data and ratios based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Fund in accordance with the U. S. federal securities laws and the applicable rules and regulations of the Securities
and