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Short-Term Investments

9 Months Ended

Sep. 30, 2025

Note 3 – Short-Term Investments

Short-term investments consist of the following:

	Certificates of Deposit			Fixed Rate Deposits			US Treasury Note			Equity Linked Notes			ETF Linked Notes			FX Linked Notes			Bond Linked Notes			Total Short-Term Investments
Balance as of January 1, 2025	$	3,800,000		$	5,000,000		$	-		$	-		$	-		$	-		$	-		$	8,800,000
Purchases		4,010,000			15,433,500			29,954,520			32,000,000			10,000,000			12,620,645			82,500,000		$	186,518,665
Maturities		(4,198,091	)		(20,433,500	)		-			(5,000,000	)		(10,000,000	)		(5,847,402	)		(57,000,000	)		(102,478,993	)
Fair value adjustment		-			-			-			19,800			-			(30,621	)		85,425			74,604
Early withdrawals		(3,611,909	)		-			(29,954,520	)		(21,000,000	)		-			-			-			(54,566,429	)
Balance as of September 30, 2025	$	-		$	-		$	-		$	6,019,800		$	-		$	6,742,622		$	25,585,425		$	38,347,847

Short-term investments include certificates of deposit and fixed rate deposits with original maturities of greater than three months but less than or equal to twelve months when purchased. Interest income on certificates of deposit and fixed rate deposits amounted to $248,721 and $1,965,314 for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Company entered into five three-month equity linked note which is an investment product that provides for a coupon amount between 8% and 9% per annum and an ultimate return (or loss) tied to the performance of the underlying equities. The note is callable by the issuer at the end of each month at which time no further coupon amounts shall be payable. Interest income on this note for the nine months ended September 30, 2025 amounted to $272,508.

On March 11, 2025, the Company entered into a three-month exchange-traded fund (“ETF”) linked note which is an investment product that provides for a coupon amount of 0.75% per month (9% on an annualized basis) and an ultimate return (or loss) tied to the performance of the underlying ETF. The note is callable at the end of each month at which time no further coupon amounts shall be payable. Interest income on this note for the nine months ended September 30, 2025 amounted to $225,000.

On May 20, 2025, the Company purchased 10-year U.S. Treasury Notes bearing a fixed interest rate of 4.25%. These notes were sold on May 30, 2025 at a loss of $22,640. Interest income on these notes amounted to $29,675.

During the nine months ended September 30, 2025, the Company entered into two three-month FX linked notes, an investment product which provides for a fixed interest payment of 6% per annum on the notional amount with the ultimate return or loss linked to the change in the Japanese Yen/United States Dollar exchange rate. Interest income on these notes for the nine months ended September 30, 2025 amounted to $88,686.

During the nine months ended September 30, 2025, the Company entered into six three-month bond-linked notes which are investment products that provide for a coupon amount between 6.11% and 9.18% per annum and an ultimate return (or loss) tied to the performance of the underlying bond. Interest income on these six notes for the nine months ended September 30, 2025 amounted to $1,110,095.