v3.25.2
VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
VALUE OF FINANCIAL INSTRUMENTS

NOTE 9 – VALUE OF FINANCIAL INSTRUMENTS

 

As of March 31, 2024, the Company holds certain shares in the AIM publicly traded company Clontarf Energy plc. These shares were acquired on May 31, 2023 when the market price for such shares on AIM was GBP 0.00085. The table below sets forth the fair market value of the shareholding based on the closing price for the shares on the AIM market. As at March 31, 2024, the market price for Clontarf shares was GBP 0.00037, putting the Fair Value of the Investment at $44,957.

 

The Company recognized a loss of $56,568 on the shareholding when measured against the market price on the AIM market on the date of the acquisition of the shareholding.

 

From the acquisition Date to period cover March 31, 2024, the fair market value (FMV) of the shareholding was reported as follows:

 

   Date   Number of Shares   Market Price   Exchange Rate   Amount in USD 
Acquisition Date  31-May-23    96,250,000    GBP 0.00085    1.24095    101,525 
Period End  31-March-24    96,250,000    GBP 0.00037    1.26240    44,957 
Unrealized (Loss)                      (56,568)

 

For the three month period from January to March 2024, the FMV was reported as follows:

 

   Date   Number of Shares   Market Price   Exchange Rate   Amount in USD 
Year End, FMV  31-Dec-23    96,250,000    GBP 0.00053    1.27310    64,944 
Period End  31-March-24    96,250,000    GBP 0.00037    1.26240    44,957 
Unrealized(Loss)                      (19,987)