Company: EQS
Filing Date: 2025-04-10
Form Type: 10-K
Source: 0001712543-25-000016
Chunk: 42

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-04-10
Form: 10-K
Item: Item 8
Chunk 42
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 anticipate any losses as a result due to the financial position and creditworthiness of the depository institutions
in which those deposits are held. We include our investing activities within cash flows from operations.

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  TableOfContents  

The following
table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the consolidated balance sheet that
sums to the total of the same amounts shown in the consolidated statement of cash flows as of December 31, 2024, 2023 and 2022:

                                                        December                                                      
                                                        31,                                                           
                                                        2024                   2023                 2022              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents at end of period            $             262      $         6,533      $         19,224  
  Restricted cash at end of period                                    —                    450                    60  
  Cash and cash equivalents and restricted cash at      $             262      $         6,983      $         19,284  

Taxes - 
Historically, the Company has filed an income tax return as Regulated Investment Company. However, as a result of the
Company’s election to not qualify as a RIC in the fourth quarter of 2024, the Company is now classified as a C corporation for
income tax purposes and subject to guidance under ASC 740, accounting for income taxes. This change in tax status is reflected in
the footnotes below.

All corporations incorporated in the State of Delaware are required
to file an Annual Report and to pay a franchise tax. As a result, the Company paid Delaware Franchise tax in the amount of $0.03 million
for the year ended December 31, 2024, $0.03 million for the year ended December 31, 2023, $0.02 million for the year ended December 31,
2022, respectively.

Texas margin tax applies to legal entities conducting business
in Texas. The margin tax is based on our Texas sourced taxable margin. The tax is calculated by applying a tax rate to a base that considers
both revenue and expenses and therefore has the characteristics of an income tax. For the year ended December 31, 2024, no state income
tax is expected. No state income tax was due for the years ended December 31, 2023 and 2022.

Distributable
Earnings - The components that make up