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 first note bore an annual interest rate of 8% and matured on September 30, 2025. The unrelated entity that was due to repay the first convertible promissory note on September 30, 2025, stopped operations in August 2025. The Company does not believe that it will be able to recover its investment in this convertible note and related accrued interest, and has recorded an estimated 100% credit loss as of December 31, 2025, and as of March 31, 2026, which includes the accrued interest. The second note bears an annual interest rate of 5% and matures on October 15, 2028. During 2025, the Company acquired an additional interest in the second note of $2,000,000, for a total principal investment of $3,000,000.

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 Notes’ 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. As of March 31, 2026 and December 31, 2025, fair value was $3,147,609 and $3,108,750, which includes accrued accumulated non-cash interest income of $393,184 and $354,325, respectively.


	Convertible Promissory Notes
Balance at December 31, 2025	$	1,245,575
Current period provision for expected credit losses	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Balance at March 31, 2026	$	1,245,575


	Convertible Promissory Notes
Balance at December 31, 2024	$	—
Current period provision for expected credit losses	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Balance at March 31, 2025	$	—

Interest income recognized for the three months ended March 31, 2026 and 2025 was $38,859 and $37,434, respectively.