4. SHORT-TERM INVESTMENTS

As of December 31, 2025 and 2024, the balance of short-term investments represented certificates of deposits with original maturity of more than three months but less than one year and certain listed equity securities purchased through various open market transactions. The trading securities are initially recorded at cost and subsequently measured at fair value with the changes in fair value recorded in other income, net in the consolidated statements of operations and comprehensive loss. Gain from trading securities amounted to $8,078, $108,949 and $654,980 for the years ended December 31, 2025, 2024 and 2023, respectively. Interest income from certificate of deposits were $246,611, $205,802 and $186,793 as of December 31, 2025, 2024 and 2023, respectively which were recorded in interest income in the consolidated statement of operations and comprehensive loss.