v3.25.2
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2025
FAIR VALUE MEASUREMENT [Abstract]  
FAIR VALUE MEASUREMENT
NOTE 4 - FAIR VALUE MEASUREMENT

Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. We use a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs which are supported by little or no market activity.
   
As of June 30, 2025
  
   
Quoted prices
in active
markets for
identical assets
(Level 1)
    
Significant
other
observable
inputs
(Level 2)
    
Significant unobservable
inputs
(Level 3)
  
Assets
                  
Money market funds(1)
  
$
2,092,847.9
    
$
-
    
$
-
  
Repurchase agreements
    
619,298.4
      
-
      
-
  
Trading securities
    
122,366.4
      
-
      
-
  
Total assets measured at fair value
  
$
2,834,512.7
    
$
-
    
$
-
  

Liabilities
                  
Options premium liability(2)
  
$
1,639.2
    
$
-
    
$
-
  
Convertible notes
    
-
      
-
      
1,124,246.6
  
Total liabilities measured at fair value
  
$
1,639.2
    
$
-
    
$
1,124,246.6
  

   
As of December 31, 2024
  
   
Quoted prices in
active markets for
identical assets
(Level 1)
    
Significant
other
observable
inputs
(Level 2)
    
Significant unobservable inputs
(Level 3)
  
                   
Money market funds(1)
  
$
160,084.0
    
$
-
    
$
-
  
Repurchase agreements
    
606,547.3
      
-
      
-
  
Total assets measured at fair value
  
$
712,631.3
    
$
-
    
$
-
  

(1)  Money market funds are reflected in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets.
(2)  Options premium liability is reflected in accounts payable and accrued expenses in the condensed consolidated balance sheets.

The fair value of our money market funds, repurchase agreements, trading securities, and option premium liability are classified within Level 1, because we use quoted market prices to determine their fair value. Options and exchange traded funds are valued based on the last trade price on the primary exchange on which they are traded. We have not experienced any material losses related to these securities.