INVESTMENTS |
6 Months Ended |
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Jun. 30, 2025 | |
INVESTMENTS | |
INVESTMENTS | NOTE 4. INVESTMENTS
On September 28, 2023, (the “Company”) entered into a Securities Exchange Agreement (the “Agreement”) with Infinity Fund Australia Pty Ltd, an Australian corporation (“IFA”). Pursuant to the terms of the Agreement, the Company acquired 800,000 shares IFA Series A Preferred stock in exchange for 800,000 shares of WNLV Common stock registered under the S-1 Registration Statement declared effective on July 20, 2023.
In addition to the terms set forth above, the Agreement grants IFA the option to exchange up to an additional 9,200,000 shares of its Series A Preferred stock for an equivalent number of shares of the Company’s Common stock. This option may be exercised by IFA at any time, by written notice to the Company, so long as the Company’s S-1 Registration Statement remains effective and IFA’s ownership of the Company does not exceed 4.99% as a result of the share exchange. Furthermore, the Agreement grants IFA (i) the right to repurchase its Series A Preferred stock from the Company at a purchase price to be determined by IFA’s valuation at the time of repurchase; and (ii) anti-dilution protection in the event the Company issues any shares of its Common stock below $1.50 per share.
On February 27, 2024, the Company issued 9,200,000 shares of its common stock to exchange 9,200,000 shares of IFA’s Series A Preferred Stock. The share exchange was valued at $1.50 per share.
During the year ended December 31, 2024 IFA repurchased 386,866 shares of its Series A Preferred Stock. The Company received $263,967 in proceeds from this repurchase and recorded a “loss on investments” of $316,331. The "loss on investments" represents the cash proceeds, net of any variable costs less cost of the investment disposed off, realized directly by the Company.
For the six months ended June 30, 2025, IFA repurchased 463,968 shares of its Series A Preferred Stock. The Company received $48,490 in proceeds from this repurchase and recorded a “loss on investments” of $647,462. The "loss on investments" represents the cash proceeds, net of any variable costs less cost of the investment disposed off, realized directly by the Company.
As of June 30, 2025 and December 31, 2024, the balance of investments was $13,723,749 and $14,419,701, respectively. |