NOTE 4 – INVESTMENTS IN TRADING SECURITIES

Investments (all level 1 fair value measurements) in trading securities consist of fixed income funds that are held by the Company or held in trusts related to the Company’s tax-exempt bonds. These investments held by a trust related to the Company’s tax-exempt bonds are classified as restricted cash and restricted investments on the accompanying balance sheets. All other securities are classified as short-term investments on the accompanying balance sheets. The short-term investment securities are classified as trading securities and, accordingly, the unrealized gains and losses are recorded in current period earnings or loss.

The Company evaluated its investments for other‑than‑temporary impairment in accordance with applicable accounting guidance and determined that no impairment existed as of December 31, 2025.

The Company’s investments in trading securities consisting of U.S government and agency securities and fixed income funds are as follows:

The fair value of investments held as of December 31, 2025, consists of $40,470,151 in fixed income funds.  As of December 31, 2024, the fair value of investments held consists of $587,357 in fixed income funds.