Note 4 – Short-Term Investments

 

Short-term investments consist of the following:

 

		Certificates of Deposit				Fixed Rate Deposits				US Treasury Note				Equity Linked Notes				ETF Linked Notes				FX Linked Notes				Bond Linked Notes				US Treasury Bond				Total Short-Term Investments
Balance, January 1, 2025		$	3,800,000			$	5,000,000			$	-			$	-			$	-			$	-			$	-			$	-			$	8,800,000
Purchases			4,010,000				15,433,500				29,954,520				51,000,000				10,000,000				12,620,645				97,500,000				11,996,328				232,514,993
Maturing			(4,198,091	)			(20,433,500	)			-				(5,000,000	)			(10,000,000	)			(12,150,198	)			(82,500,000	)			-				(134,281,789	)
Fair value adjustment			-				-				-				(189,350	)			-				(470,447	)			(233,530	)			(409,194	)			(1,302,521	)
Early withdrawal			(3,600,000	)			-				(29,954,520	)			(34,500,000	)			-				-				-				-				(68,054,520	)
Withdrawal penalty			(11,909	)			-				-				-				-				-				-				-				(11,909	)
Balance, December 31, 2025		$	-			$	-			$	-			$	11,310,650			$	-			$	-			$	14,766,470			$	11,587,134			$	37,664,254

 

Short-term investments include certificates of deposit and fixed rate deposits with original maturities of greater than three months but less than or equal to twelve months when purchased. Interest income on certificates of deposit and fixed rate deposits amounted to $296,514 and $2,642,760 for the years ended December 31, 2025 and 2024, respectively.

 

On May 20, 2025, the Company purchased 10-year U.S. Treasury Notes bearing a fixed interest rate of 4.25%. These notes were sold on May 30, 2025 at a loss of $22,640. Interest income on these notes amounted to $29,675.

 

On December 30, 2025, the Company purchased a U.S. Treasury Bond (4.875% DTD 08/15/2025, due 08/15/2045) for $11,996,328. As of December 31, 2025, this investment had a fair value of $11,587,134, reflecting an unrealized loss of $409,194.

 

During the year ended December 31, 2025, the Company entered into eight three-month equity linked notes which are investment products that provide for a coupon amount between 6.28% and 8.00% per annum and an ultimate return (or loss) tied to the performance of the underlying equities. The notes are callable by the issuer at the end of each month at which time no further coupon amounts shall be payable. Interest income on these notes for the year ended December 31, 2025 amounted to $519,857.

 

On March 11, 2025, the Company entered into a three-month exchange-traded fund (“ETF”) linked note which is an investment product that provides for a coupon amount of 0.75% per month (9% on an annualized basis) and an ultimate return (or loss) tied to the performance of the underlying ETF. The note is callable at the end of each month at which time no further coupon amounts shall be payable. Interest income on this note for the year ended December 31, 2025 amounted to $225,000.

 

During the year ended December 31, 2025, the Company entered into two three-month FX linked notes, an investment product which provides for a fixed interest payment of 6% per annum on the notional amount with the ultimate return or loss linked to the change in the Japanese Yen/United States Dollar exchange rate. Interest income on these notes for the year ended December 31, 2025 amounted to $184,278.

 

During the year ended December 31, 2025, the Company entered into nine three-month bond linked notes which are investment products that provide for a coupon amount between 6.11% and 9.18% per annum and an ultimate return (or loss) tied to the performance of the underlying bond. Interest income on these notes for the year ended December 31, 2025 amounted to $1,491,340.