XML 27 R17.htm IDEA: XBRL DOCUMENT

Note 10 - Marketable Securities

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

10.	Marketable Securities

The Company’s marketable securities include investments in equity mutual funds, United States Treasury Bills (“U.S. Treasury Bills”) and Certificates of Deposit with maturities longer than 3 months. Our marketable equity securities are reported at fair value with the related unrealized and realized gains and losses included in net income. U.S Treasury Bills and Certificates of Deposit are recorded at amortized cost. Realized gains or losses on mutual funds are determined on a specific identification basis. We evaluate our investments periodically for possible other-than-temporary impairment by reviewing factors such as the length of time and extent to which fair value had been below cost basis, the financial condition of the issuer and our ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery of market value.

The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the three months ended March 31, 2025 and 2024 are as follows:

		Three months ended March 31,
		2025				2024
Net gains recognized during the period on marketable securities		$	12,350			$	41,496
Less: Net losses realized on marketable securities sold during the period			1,507				-
Net unrealized gains recognized during the reporting period on marketable securities still held at the reporting date		$	13,857			$	41,496

The fair values of our marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we utilize the three-tier value hierarchy, as prescribed by US GAAP, which prioritizes the inputs used in measuring fair value as follows:

• Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s marketable equity securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company’s investments:

March 31, 2025 (unaudited)

		Cost				Fair Value				Unrealized Gain
Equity securities:
Equity and other mutual funds		$	639,217			$	682,051			$	42,834

Other short-term investments:
Fixed income Certificates of Deposit (original maturities > 3 months)			370,000				370,000				-

U.S. Treasury Bills (original maturities > 3 months)			5,799,946				5,799,946				-

Total other short-term investments			6,169,946				6,169,946				-

Total marketable securities		$	6,809,163			$	6,851,997			$	42,834

December 31, 2024 (audited)

		Cost				Fair Value				Unrealized Gain
Equity securities:
Equity and other mutual funds		$	634,705			$	663,682			$	28,977

Other short-term investments:
Fixed income Certificates of Deposit (original maturities > 3 months)			570,000				570,000				-

U.S. Treasury Bills (original maturities > 3 months)			6,288,943				6,288,943				-

Total other short-term investments			6,858,943				6,858,943				-

Total marketable securities		$	7,493,648			$	7,522,625			$	28,977

Investment income is recognized when earned and consists principally of dividend income from equity mutual funds and interest income on United States Treasury Bills, Certificates of Deposit and money market funds. Realized gains and losses on sales of investments are determined on a specific identification basis.

Proceeds from the redemption of marketable securities were $6,148,493 in the first quarter of 2025 and included realized losses of $1,507. Proceeds from the redemption of marketable securities were $150,000 in the first quarter of 2024, and no realized losses or gains were recorded.