Short-Term Investments

3 Months Ended

Mar. 31, 2026

Note 3 – Short-Term Investments

Short-term investments consist of the following:

	Fixed Rate		Equity Linked			Bond Linked			US Treasury			Total Short-Term
	Deposits		Notes			Notes			Bonds			Investments
Balance, January 1, 2026	$	-	$	11,310,650		$	14,766,470		$	11,587,134		$	37,664,254
Purchases		4,800,000		29,000,000			7,000,000			3,497,588			44,297,588
Maturing		-		(11,500,000	)		(15,000,000	)		-			(26,500,000	)
Early withdrawals		-		(13,000,000	)		-			(14,858,608	)		(27,858,608	)
Fair value adjustment		-		(897,850	)		244,520			(226,114	)		(879,444	)
Balance, March 31, 2026	$	4,800,000	$	14,912,800		$	7,010,990		$	-		$	26,723,790

Short-term investments include fixed rate deposits with original maturities of greater than three months but less than or equal to twelve months when purchased. Interest income on fixed rate deposits amounted to $40,859 for the three months ended March 31, 2026.

As of January 1, 2026, the Company had entered into two three-month equity linked notes which are investment products that provide for a coupon amount of 6.5% per annum and an ultimate return (or loss) tied to the performance of the underlying equities. During the three months ended March 31, 2026, these notes matured and the Company entered into two additional three-month equity linked notes which provide for a coupon amount of 9.0% per annum. 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 equity linked notes for the three months March 31, 2026 amounted to $215,951.

As of January 1, 2026, the Company had entered into three three-month bond linked notes which are investment products that provide for a coupon amount between 6.39% and 7.20 % per annum and an ultimate return (or loss) tied to the performance of the underlying bond. During the three months ended March 31, 2026, these notes matured and the Company entered into one additional three-month bond linked note which provides for a coupon amount of 7.39% per annum. Interest income on bond linked notes for the three months ended March 31, 2026 amounted to $143,540.

As of January 1, 2026, the Company had purchased a U.S. Treasury Bond (4.875% DTD 08/15/2025, due 08/15/2045), which had a fair value on that date of $11,587,134. On January 5, 2026, the Company purchased an additional U.S. Treasury Bond (4.750% DTD 08/15/2025, due 08/15/2055) for $3,497,588. Both bonds were sold during the three months ended March 31, 2026, pursuant to which the Company recognized a loss of $226,114. Interest income on these bonds amounted to $280,908 for the three months ended March 31, 2026.