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FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
FAIR VALUE OF FINANCIAL INSTRUMENTS  
FAIR VALUE OF FINANCIAL INSTRUMENTS

4.    FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820, “Fair Value Measurements”, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements.  ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:

●Level 1 – quoted market prices in active markets for identical assets and liabilities

​

●Level 2 – inputs other than quoted prices that are directly or indirectly observable

​

●Level 3 – unobservable inputs where there is little or no market activity

​

The Company considers any potential impairment of property, plant, and equipment, including construction in progress, to be a Level 3 fair value measurement.

​

The following tables summarize the values of assets designated as Investments in debt and equity securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Equity securities

​

$

12,267,346

​

$

—

​

$

—

​

$

12,267,346

Mutual funds

​

$

19,984,891

​

$

—

​

$

—

​

$

19,984,891

Municipal bonds

​

​

599,791

​

​

—

​

​

—

​

​

599,791

​

​

$

32,852,028

​

$

—

​

$

—

​

$

32,852,028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Mutual funds

​

​

33,774,204

​

$

—

​

$

—

​

$

33,774,204

Municipal bonds

​

 

608,604

​

​

—

​

​

—

​

​

608,604

​

​

$

34,382,808

​

$

—

​

$

—

​

$

34,382,808

​

The investment assets are held as trading securities and are carried at fair value as of the date of the Condensed Balance Sheets. The Company intends to hold these assets for possible future operating requirements. The following table summarizes gross unrealized gains and losses from Investments in debt and equity securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

​

​

​

​

Cumulative Unrealized

​

Aggregate

​

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Equity securities

​

$

12,046,003

​

$

221,343

​

$

—

​

$

12,267,346

Mutual funds

​

$

19,925,881

​

$

59,010

​

$

—

​

$

19,984,891

Municipal bonds

​

​

582,865

​

​

16,926

​

​

—

​

​

599,791

​

​

$

32,554,749

​

$

297,279

​

$

—

​

$

32,852,028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

Cumulative Unrealized

​

Aggregate

​

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Mutual funds

​

​

33,695,124

​

$

79,080

​

​

—

​

​

33,774,204

Municipal bonds

​

 

582,289

​

​

26,315

​

​

—

​

​

608,604

​

​

$

34,277,413

​

$

105,395

​

$

—

​

$

34,382,808

​

Unrealized gains (losses) on investments in debt and equity securities were $192 thousand and $(7.2) million for the three months ended March 31, 2026 and 2025, respectively.