AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE |
3 Months Ended |
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Mar. 31, 2025 | |
| Investments, Debt and Equity Securities [Abstract] | |
| AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE | AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE Convertible Promissory Note—The Company holds investments in convertible promissory notes in two separate unrelated entities (“Convertible Promissory Notes”) for an initial investment of $1,000,000 each. The value of the combined investment in these two entities was $2,743,338 and $2,205,904 as of March 31, 2025 and December 31, 2024, respectively. The first note bears an annual interest rate of 8% and matures on September 30, 2025. The second note bears an annual interest rate of 5% and matures on October 15, 2028. As part of the agreement for the investment in the second note, the Company has a commitment to invest an additional $1,500,000 during 2025. The Company applies the available-for-sale method of accounting for its investments in the Convertible Promissory Notes, which are debt investments. The Convertible Promissory Notes do not qualify for either the held-to-maturity method due to the Convertible Promissory Note’s conversion rights or the trading securities method because the Company holds the Convertible Promissory Notes as long-term investments. The Convertible Promissory Notes are measured at fair value at each reporting period-end. Unrealized gains and losses are reported in other comprehensive income until realized. As of March 31, 2025 and December 31, 2024, the Company evaluated the fair value of its investments and determined that the fair value approximates the carrying value of $2,743,338 and $2,205,904, which included $243,338 and $205,904 of non-cash interest income, respectively. There was no unrealized gain or loss recorded. Non-cash interest income recognized for the for the periods ended March 31, 2025 and 2024 was $37,434 and $39,695, respectively.
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