UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number        811-3056

TRIDAN CORP

(Exact name of registrant as specified in charter)

1185 Avenue of the Americas, 31st floor, New York, New York 10036

(Address of principal executive offices)

Robert Birnbaum, c/o Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st floor, New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 239-0515

Date of fiscal year end:        April 30, 2022

Date of reporting period:     October 31, 2022

(a) Included is a copy of the semi-registrant’s annual report as of October 31, 2022 transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1)

Tridan Corp.

Financial Statements

October 31, 2022 and 2021

Tridan Corp.

Contents

October 31, 2022 and 2021

Accountants’ Compilation Report

To the Shareholders and Board of Directors

Tridan Corp.

Management is responsible for the accompanying financial statements of Tridan Corp., (a corporation) which comprise the statements of assets and liabilities and schedules of investments in municipal obligations as of October 31, 2022 and 2021, and the related statements of operations for the six months ended October 31, 2022 and 2021 and the related statement of changes in net assets for the six months ended October 31, 2022 and year ended April 30, 2022, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

The statement of changes in net assets for the year ended April 30, 2022 was derived from financial statements that were audited by another accounting firm. Their report, dated June 24, 2022, expressed an unqualified opinion thereon, but they have not performed any auditing procedures since that date.

A statement of cash flows for the six months ended October 31, 2022 and 2021 has not been presented. Accounting principles generally accepted in the United States of America require that such a statement be presented when financial statements purport to present financial position and results of operations.

We are not independent with respect to Tridan Corp.

December 19, 2022

PKF O’CONNOR DAVIES, LLP

300 Tice Boulevard, Suite 315, Woodcliff Lake, NJ 07677 I Tel: 201.712.9800 I Fax: 201.712.0988 I www.pkfod.com

PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

Tridan Corp.

Statements of Assets and Liabilities

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

2

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

3

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

4

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

5

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

6

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

7

Tridan Corp.

Schedule of Investments in Municipal Obligations

October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

8

Tridan Corp.

Statements of Operations

Six months ended October 31, 2022 and 2021

See accompanying notes and accountant’s compilation report

9

Tridan Corp.

Statements of changes in net assets

See accompanying notes and accountant’s compilation report

10

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

The following is a summary of the significant accounting policies followed by Tridan Corp. (the “Company”), a closed-end, non-diversified management investment company, registered under the Investment Company Act of 1940.

Basis of Presentation

The accompanying financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services - Investment Companies.

Acquisition and Valuation of Investments

Investment transactions are accounted for on the date the securities are purchased/sold (trade date) and interest on securities acquired/sold is included in income from/to the settlement date. Short-term investments are stated at cost, which is equivalent to fair value.

Fair values for the Company’s investments in municipal obligations have been determined based on the bid price of the obligation. Securities for which quotations are not readily available are valued at fair value as determined by the board of directors. There were no securities valued by the board of directors, for which quotations were not readily available, as of October 31, 2022 and 2021.

Amortization of Bond Premium or Discount

In determining investment income, bond premiums or discounts are amortized over the remaining term of the obligation based on the earlier of the call date or the maturity date of the applicable bond.

Income Taxes

It is the Company’s policy to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. The Company also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no income tax provision would be required.

The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Company’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

11

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

Income Taxes (continued)

The Company identifies its major tax jurisdictions as U.S. Federal, New York State and New York City where the Company makes significant investments. Generally, the Company’s tax returns are subject to examination by Federal, state and local authorities for a period of three years from the later of the due date of such returns or the actual date the returns were filed. Interest income from municipal investments is exempt from Federal and state income taxes.

Interest income from municipal investments is exempt from Federal and state income taxes.

Distributions to Shareholders

Dividends to shareholders from net investment income, if any, are paid quarterly. Distributions of capital gains, if any, are made at least annually, and as required to comply with Federal excise tax requirements. Dividends to shareholders are determined in accordance with tax regulations and are recorded on the ex-dividend date.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents.

Use of Estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and investments. The Company maintains all of its cash on deposit in one financial institution.

As of October 31, 2022 and 2021, there was $557,442 and $1,088,691 of cash held in in excess of federally insured limits, respectively. The value of the Company’s investments may be subject to possible risks involving, among other things, the continued creditworthiness of the various state and local government agencies and public financing authorities underlying its investments.

12

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

Fair value of Financial Instruments

The carrying amounts for accrued interest receivables and accrued liabilities reflected in the financial statements approximate fair value because of the short maturities of these items. The Company accounts for its investments in municipal obligations in accordance with the accounting guidance for investment companies (FASB ASC 946). See Note 1 “Acquisition and Valuation of Investments” for a description of the valuation methodology, which is unchanged as of October 31, 2022 and 2021. FASB ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value and expands disclosures about the use of fair value measurements. The valuation techniques required by FASB ASC 820 are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions.

The levels of the fair value hierarchy are as follows:

The Company’s investments in municipal obligations are all considered Level 2 instruments.

The following table presents the Company’s financial assets that are measured at fair value as of October 31, 2022 and 2021:

Instruments classified as Level 2 are valued using industry-standard models or other valuation methodologies calibrated to observable market inputs.

13

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

Fair value of Financial Instruments (continued)

These models consider various assumptions regarding the security or securities with similar characteristics, such as trade data, bid price or spread, two sided markets, quotes, benchmark curves, and market data feeds, as well as other measurements.

Subsequent Events Evaluation by Management

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through December 19, 2022, the date that the financial statements were available for issue.

Accrued liabilities consist of the following at:

14

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

Purchases and sales of investments in municipal obligations (excluding short-term and demand investments) amounted to approximately $3,369,000 and $3,264,000, respectively, for the six months ended October 31, 2022, and $1,324,000 and $1,000,000, respectively, for the six months ended October 31, 2021.

The U.S. Federal income tax basis (aggregate cost) of the Company’s investments, at October 31, 2022 and 2021, was $35,111,447 and $34,402,073, respectively, and net unrealized (depreciation) appreciation at October 31, 2022 and 2021, for U.S. Federal income tax purposes was $(2,228,085) and $1,605,354, respectively (gross unrealized appreciation of $28,719 and $1,704,991, respectively; gross unrealized depreciation of approximately $(2,256,804) and $(99,637), respectively).

At October 31, 2022 and 2021, there were 6,000,000 shares of $0.02 par value common stock authorized of which 3,199,100 had been issued aggregating $63,982.

The Company has a share redemption plan applicable to 18,919 shares for both periods, of outstanding common stock, at October 31, 2022 and 2021. The plan permits eligible shareholders or their estates to have their shares redeemed upon reaching age 65 or upon death. Shares are redeemed at the net asset value per share, as of the end of the Company’s fiscal quarter in which the request for redemption is received. At October 31, 2022 and 2021, there were 117,398.7423 shares ($1,398,124) for both period ended, which have been redeemed under this plan.

The net asset value per share is calculated by dividing the aggregate fair value of all assets less the aggregate fair value of all liabilities by the number of common shares outstanding at the end of the period. The net asset values per share and the shares outstanding are as follows:

15

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

During the six months ended October 31, 2022 and 2021, distributions of $244,190 ($.08 per share) and $213,666 ($.07 per share) respectively, were declared and paid to shareholders, Distributions for the year ended April 30, 2022 amounted to $396,808 ($.13 per share). Substantially all of the distributions were exempt from Federal income taxes during the six months ended October 31, 2022 and 2021, as well as the ended April 30, 2022.

The tax character of distributions paid during the six months ending October 31, 2022 and 2021 and for the year ending April 30, 2022 is as follows:

As of October 31, 2022, 2021 and April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Capital loss carryforwards as of October 31, 2022 and 2021 were $0 for both periods. The Company had no capital reclassification related to permanent book/tax differences for the six months ending October 31, 2022 and 2021 and for the year ended April 30, 2022. There were no significant differences between total GAAP basis net investment income and net realized gain, and actual distributions for the six months ended October 31, 2022 and 2021 and for the year ended April 30, 2022.

16

Tridan Corp.

Notes to Financial Statements

October 31, 2022 and 2021

During 2020, the World Health Organization has declared the coronavirus (COVID-19) outbreak to constitute a Public Health Emergency of International Concern. This pandemic has disrupted economic markets and the economic impact, duration and spread of the COVID-19 virus is uncertain at this time. The financial performance of the Company is subject to future developments related to the COVID-19 outbreak and possible government advisories and restrictions placed on financial markets and business activities.

Selected per share data and ratios are as follows:

* Total investment return is calculated by dividing the change in market value of a share of common stock during the year, assuming the reinvestment of dividends on the payment date, by the per share market value at the beginning of the year and has been recalculated for all prior periods presented.

* * * * *

17

TRIDAN CORP.

P.O. Box 634, New City, N.Y. 10956

(212) 239-0515

SEMI-ANNUAL REPORT

                                           December 28, 2022

Dear Shareholder:

This semi-annual report of Tridan Corp. covers the six-month period from May 1, 2022 to October 31, 2022. As part of this report, we enclose the unaudited financial report for the six-month period ending October 31, 2022 and for the corresponding period ending October 31, 2021. Tridan Corp. invests exclusively in non-voting securities. A schedule of Tridan’s portfolio holdings at October 31, 2022, consisting entirely of municipal obligations, is included in the unaudited financial report. Tridan’s complete schedule of portfolio holdings is filed with the Securities and Exchange Commission on Form N-PORT at www.sec.gov.

The net asset value per share at October 31, 2022 was $11.10 compared with $12.35 at October 31, 2021.

The net investment income per share for the six-month period ended October 31, 2022 was $0.08 compared with $0.07 for the six-month period ended October 31, 2021.

AUDITORS

At the company’s last annual meeting on July 19, 2022, the reappointment of Mazars USA LLP as the company’s auditors for the fiscal year ending April 30, 2023 was ratified by the shareholders as follows:

Tridan Corp.

December 28, 2022

Page – 2 –

INVESTMENT ADVISORY MANAGEMENT

At its meeting on June 16, 2022, the Board of Directors unanimously approved the renewal of the investment advisory agreement with J.P. Morgan Investment Management Inc. (“Morgan”) for the period July 1, 2022 to June 30, 2023 after considering a variety of material factors and conclusions with respect thereto that formed the basis for the board’s approval, as discussed below.

J.P. Morgan, Investment Advisor

Throughout the year, the directors received and analyzed a substantial quantity of comprehensive information and written materials, including ongoing analysis of Tridan’s existing portfolio and Morgan’s recommendations in light of its forecasts for the economy, employment trends, business conditions, federal rate moves, interest trends including comparisons between tax-exempt and taxable bonds, appropriate maturities, quality, yields, diversification, etc. The directors subject Morgan’s portfolio management to scrutiny at each board meeting, including examination of transactions completed since the prior meeting and an overview of the entire portfolio. Written materials received by the board of directors before and during each meeting include reports, statistics, charts, graphs, performance records, comparisons with other funds and the like. Morgan’s representatives have been questioned at great length regarding Morgan’s views, recommendations and performance.

As requested by Tridan’s corporate counsel and pursuant to Section 15(c) of the Investment Company Act of 1940, Morgan submits its audited financial statements and detailed information. All materials furnished to each director detail Morgan’s business, personnel and operations, advisory services, compensation matters, portfolio strategy, investment performance, sources of information, fee comparisons, compliance programs, and other matters of significance to the relationship between Tridan and its investment adviser. The directors reviewed all materials and discussed the same at length. The directors discussed their own views on Morgan’s previous performance and relationship with Tridan, with particular attention to investment performance, the nature, extent and quality of service and fees.

Investment Performance

Based on their review, the board of directors all agreed that Tridan’s relative investment performance has been satisfactory.

Tridan Corp.

December 28, 2022

Page – 3 –

At each meeting, the board of directors received, reviewed and discussed with Morgan’s representatives’ various data showing Tridan’s portfolio characteristics, including market value, average duration, credit quality, coupon, estimated annual income and yield statistics, and breakdown information regarding duration, credit, and investment sectors. Morgan’s quarterly presentation also includes the portfolio performance over three months, year to date, one year, three years and five years, compared with the JPMorgan NY Tax Free Bond Fund, Sanford Bernstein NY Muni Fund, and Barclays 1-17 Year NY Muni Bond Index.

Nature, Extent and Quality of Service

The board of directors concluded that the nature, extent and quality of the services provided by Morgan to Tridan have been appropriate and beneficial.

The board’s analysis of the nature, extent and quality of Morgan’s services to Tridan is based on knowledge gained over time from discussions with management and during board meetings. The directors reviewed materials contained in Morgan’s response to Tridan’s 15(c) Questionnaire and Morgan’s Form ADV under the Investment Advisers Act of 1940. These materials contained much other information including, the qualifications, education and experience of Morgan’s personnel involved in rendering those services.

As Tridan’s investment adviser, Morgan manages the investment of Tridan’s assets, including purchases and sales of securities, and arranges for the periodic transfer of cash required to pay expenses and make distributions to shareholders. Morgan also provides clerical and book-keeping services and prepares and issues periodic reports and statements. Its affiliate maintains custody of Tridan’s securities and provides access thereto upon request. The board considered Morgan’s performance of these administrative and support services, including monitoring adherence to Tridan’s investment policies, guidelines and restrictions, Morgan’s responsiveness to requests by Tridan’s counsel for periodic information, reports and certifications required for compliance with securities laws and regulations, and maintaining and monitoring their respective compliance programs in light of today’s extensive regulatory requirements.

Fees

Under its Investment Advisory Agreement with Morgan, Tridan pays an annual fee computed and payable quarterly equal to 0.25% of its net assets under management (2 basis points). The agreement requires Morgan to bear all expenses incurred by it in connection with its activities under the agreement without any reimbursement from Tridan.

Tridan Corp.

December 28, 2022

Page – 4 –

In addition, the annual charge to Tridan for maintaining custody of the company’s securities and for custodial-related services rendered by Morgan and its affiliates is 0.02% of the assets held in the custody account (2 basis points).

In light of the nature, extent and quality of the services received by Tridan from Morgan and its affiliated companies, and comparing the management fees charged by Morgan to other fixed-income investment companies managed by it, all of which are many times larger than Tridan, the Board considers Morgan’s management fee to Tridan to be reasonable.

After full consideration of the above factors, the Board concluded unanimously that renewal of the investment advisory agreement with J.P. Morgan Investment Management Inc. was in the best interest of Tridan and its shareholders.

DIRECTORS

At the last annual meeting on July 19, 2022, the incumbent directors, all of whom are named below, were all reelected to serve as directors until the next annual meeting of shareholders, or until their successors are elected and have qualified.

During the six-month period ended October 31, 2022, all executive officers of the company as a group received compensation comprised solely of said directors’ fees aggregating $26,500 during said period, which excludes professional fees paid to the law firm of the company’s Secretary, Jodie Shapiro-Shahar. No director or officer received any compensation from the company except for fees of $24,000 paid to each director, plus an additional $2,500 to Joan G. Rall as chair of the audit committee.

(b) Registrant’s semi-annual report to shareholders continues to contain all applicable information described in Rule 8b-16. That rule exempts the filing of registration statement amendments if the company’s semi-annual report to shareholders contains, if applicable

(1) Information concerning its dividend reinvestment plan; (not applicable)

(2) Material changes in the company’s investment objectives or policies that have not been approved by shareholders; (not applicable)

(3) Changes in its charter or bylaws that would delay or prevent a change of control;

(not applicable)

(4) Material changes in the principal risk factors associated with investment in the company; (not applicable) and

(5) Changes in the persons who are primarily responsible for the day-to-day management of the company’s portfolio, including any new person’s business experience during the past five years and the length of time he or she has been responsible for management of the portfolio. (applicable)

Items 1 through 4 have never been applicable to Tridan. Item 5 is applicable to Tridan.

The registrant’s semi-annual report as of October 31, 2022 describes the most recent changes to its portfolio management and has been furnished to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1.)

Not required in this report.

Not required in this report.

Not required in this report.

Not required in this report.

Not applicable, because the registrant invests exclusively in non-voting securities.

No change in the portfolio managers identified in the registrant’s most recent annual report on Form N-CSR.

Not applicable, because the registrant has no equity securities that are registered pursuant to Section 12 of the Securities Exchange Act of 1934.

The registrant does not have in place procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Not applicable because the registrant does not participate in securities lending

The separate certifications for the registrant’s principal executive and principal financial officers.

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:    12/20/2022

Pursuant to the requirements of the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.