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Marketable Securities – Related Party
 9 Months Ended
Sep. 30, 2024
Next NRG Holding Corp [Member]  
Restructuring Cost and Reserve [Line Items]  
Marketable Securities – Related Party

Note 3 – Marketable Securities – Related Party

 

The Company’s investments in marketable securities consist solely of shares held in EzFill Holdings, Inc. (“EZFL”). EZFL is publicly traded on Nasdaq. The shares owned were earned in connection with providing various loans to EZFL, a related party. On August 16, 2024, the company acquired EZFL shares by converting the outstanding principal amount plus a default penalty amount. See Note 7.

 

Our principal stockholder and Chief Executive Officer controls approximately 69% of EZFL and we are also a significant debt lender to EZFL.

 

These marketable securities are classified as trading securities. All changes in realized and unrealized gains (losses) on these investments are included in earnings. The Company records the fair value of these securities based upon the quoted closing trading price of EZFL on the reporting period date.

 

The following is a summary  of our marketable securities – related party at September 30, 2024 and December 31, 2023, respectively:

 

      
Balance - December 31, 2023  $- 
Acquisition of marketable equity securities - related party   11,826,051 
Unrealized gain on marketable equity securities - related party   877,440 
Balance - September 30, 2024  $12,703,491 

 

Trading securities at September 30, 2024 and December 31, 2023 were as follows:

 

   September 30, 2024 
   Aggregate   Amortized/Adjusted   Unrealized   Shares 
   Fair Value   Cost Basis   Gain   Held 
Marketable Securities - Common Stock - Related Party  $12,703,491   $11,826,051   $877,440    3,951,319 

 

   December 31, 2023 
   Aggregate   Amortized/Adjusted   Unrealized   Shares 
   Fair Value   Cost Basis   Losses   Held 
Marketable Securities - Common Stock - Related Party  $         -   $            -   $           -            - 

 

For the three and nine months ended September 30, 2024, the Company recognized investment income – related party of $621,378 and $2,025,605, respectively.

 

Investment income - related party is a component of other income (expense) – net on the accompanying consolidated statements of operations.

 

 

NEXTNRG HOLDING CORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2024

(UNAUDITED)