During the first half of 2021 COVID has been a major distraction and very disruptive to most businesses. But it has not prevented the IC from making significant strides forward.

We have completely revised the web site WWW.NAIC2.COM and we encourage you to visit and provide us with some feedback.

All of the transactions for each member have been entered to our new management platform Seraf. This system delivers complete transparency to your holdings and current value of your portfolio, as well as, insights and updates to the performance of the group as a whole.

We made an investment in Puraclenz, an appliance designed to disinfect both air and surface by emitting ions. We made additional investments in a social media platform called Display and a pet diagnostic service QSM. 7AC, an older investment from IC 1, finally cashed out. Funds have been collected and payments will be made to the nine members in that property. We are also tracking the value of NetCapital as it is trading. Once we receive the stock certificate we can realize the gain and distribute the cash.

Though a number of members withdrew last year becoming inactive participants, we added one new member early this year. With 20 active members and limited remaining available capital we are somewhat limited in our ability to invest.

The second amendment to our operating charter makes it possible for new or existing members to contribute any amount we choose. This combined with the new Seraf platform makes it possible for us to continue investing without some of the previous constraints or limitations. We no longer have to act in lock step.

Our attention will now turn towards a marketing campaign to create more awareness of the IC and to attract new members. We hope to build up our capital base and find new and exciting startups to fund.

Of course, we also hope some of our former members will take a renewed interest and perhaps add some capital to their accounts. The Steering Committee meets every other Wednesday at 4:30 for 30 to 60 minutes and we invite any interested parties to join.

Joseph A. Puglisi
Chairman & Co-Manager