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Cash, Cash Equivalents, and Investments

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Note 2: Cash, Cash Equivalents, and Investments

The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, net of allowance for credit losses, and its investments in money market funds are classified as available-for-sale securities and presented as cash equivalents or restricted cash equivalents on the consolidated balance sheets. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of September 30, 2025, and December 31, 2024:

	September 30, 2025 (Unaudited)
				Allowance		Gross		Gross
				for		Unrealized		Unrealized
	Level ⁽¹⁾	Fair Value		Credit Losses		Holding Gains		Holding Losses			Adjusted Cost

Cash	1	$	1,759,752	$	—	$	—	$	—		$	1,759,752
Money market funds ⁽²⁾	1		5,396,036		—		—		—			5,396,036
Short-term investment in corporate bonds ^(3)(5)(6)	2		3,101,615		—		2,775		—			3,098,840
Long-term investment in corporate bonds ^(4)(5)(6)	2		64,550		—		—		(11	)		64,561
Total		$	10,257,403	$	—	$	2,775	$	—		$	10,319,189
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash and cash equivalents												(1,321,278	)
Total cash, cash, cash equivalents and investments											$	8,997,911

	December 31, 2024 (Audited)
				Allowance		Gross		Gross
				for		Unrealized		Unrealized
	Level ⁽¹⁾	Fair Value		Credit Losses		Holding Gains		Holding Losses			Adjusted Cost

Cash	1	$	926,287	$	—	$	—	$	—		$	926,287
Money market funds ⁽²⁾	1		5,580,463		—		—		—			5,580,463
Short-term investment in corporate bonds ^(3)(5)(6)	2		2,756,428		—		—		(149	)		2,756,577
Total		$	9,263,178	$	—	$	—	$	(149	)	$	9,263,327

Notes:

(1)	Definition of the three-level fair value hierarchy:

	●	Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
	●	Level 2 - Other inputs that are directly or indirectly observable in the markets
	●	Level 3 - Inputs that are generally unobservable

(2)	All our money market funds were invested in U.S. Government money market funds.
(3)	Short-term investment securities will mature within 12 months or less, from the applicable reporting date.
(4)	Long-term investment securities will mature between 12 months and 18 months from the applicable reporting date.
(5)	For the three months ended September 30, 2025 and 2024, the Company received discounts of $2,432 and $9,023 to purchase held-to-maturity investment securities, respectively. For the nine months ended September 30, 2025 and 2024, the Company received discounts of $18,154 and $70,495 to purchase held-to-maturity investment securities, respectively. For the year ended December 31, 2024, the Company received discounts of $78,770 to purchase held-to-maturity investment securities.
(6)	The Company considers the decline in the market value of its investment portfolio to be temporary in nature. As of September 30, 2025 and December 31, 2024, the Company did not consider any of its investments to be other-than-temporarily impaired and no allowance for credit losses was recorded.