INVESTMENTS

3 Months Ended

Mar. 31, 2026

NOTE 11 – INVESTMENTS

Investments in Marketable Securities

Investments in marketable equity securities, classified as trading securities, are measured at fair value on a recurring basis using quoted prices in active markets and are therefore classified within Level 1 of the fair value hierarchy. The Company holds less than a 5% interest in these securities. Changes in fair value are recognized in earnings within the consolidated statements of operations.

The balance of our marketable securities was as follows:

	As of March 31, 2026		As of December 31, 2025
Marketable equity securities - Telekom Srpske		102,144		102,144
Marketable equity securities – BH Telekom		141,428		141,428
Total Marketable equity securities	$	243,572	$	243,572

Gains and losses to measure our investments in marketable equity at fair value were included in the other income. These represent unrealized gains and losses arising from changes in market value at the reporting date.

For the three months ended March 31, 2026 and 2025, changes in fair value were not material, and accordingly, no significant unrealized gains or losses were recognized.

Debt Securities Held to Maturity

Companies within the MeridianBet Group, namely Meridian Tech Ltd. Serbia and Meridianbet Ltd. Montenegro, invested funds during October 2025 in government bonds of the Republic of Romania and the Republic of Serbia.

On October 29, 2025, Meridian Tech Ltd. Serbia invested funds in the amount of $1,192,027 for the purchase of eurobonds of the Republic of Serbia, ISIN: XS2580270275, maturity September 26, 2033, with an annual coupon rate of 6.50%.

On October 29, 2025, Meridian Tech Ltd. Serbia invested funds in the amount of EUR 1,729,421 (approximately $1,895,352) for the purchase of eurobonds of the Republic of Romania, ISIN: XS3021378032, maturity July 11, 2032, with an annual coupon rate of 5.875%.

On October 24, 2025, Meridianbet Ltd. Montenegro invested funds in the amount of EUR 214,528 (approximately USD 238,696) for the purchase of eurobonds of the Republic of Romania, ISIN: XS3021378032, maturity July 11, 2032, with an annual coupon rate of 5.875%.

The Company has the positive intent and ability to hold these securities to maturity and, accordingly, they are classified as held-to-maturity and measured at amortized cost.