INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

6 Months Ended

Jun. 30, 2026

INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

NOTE 6 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

The following is a summary of the Company’s investment securities held to maturity as of June 30, 2026:


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated Fair
		Cost			Gains			Losses			Value
Held-to-maturity securities – current:
U.S. Treasury Strips		$	4,665,947		$	—		$	(3,539)		$	4,662,408
Held-to-maturity securities – noncurrent:
U.S. Treasury Strips			16,065,384			1,993			(144,444)			15,922,933
Total held-to-maturity securities		$	20,731,331		$	1,993		$	(147,983)		$	20,585,341

The following is a summary of the Company’s investment securities held to maturity as of December 31, 2025:


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated Fair
		Cost			Gain			Losses			Value
Held-to-maturity securities – current:
U.S. Treasury Strips		$	4,577,706		$	3,004		$	—		$	4,580,710
Held-to-maturity securities – noncurrent:
U.S. Treasury Strips			15,773,251			68,770			(2,144)			15,839,877
Total held-to-maturity securities		$	20,350,957		$	71,774		$	(2,144)		$	20,420,587

During the three and six months ended June 30, 2026, the Company recognized interest income from the accretion of its U.S. Treasury Strips of $194,509 and $386,648, respectively. The Company recognized interest income accretion on its U.S. Treasury Strips of $95,990 during both the three and six months ended June 30, 2025.

Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At June 30, 2026, the Company’s held to maturity securities were scheduled to mature as follows:


		Amortized			Estimated Fair
		Cost			Value
Maturing in next twelve months		$	4,665,947		$	4,662,408
Maturing in next one to five years			16,065,384			15,922,933
Total held-to-maturity securities		$	20,731,331		$	20,585,341

Margin Credit Line

In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. The Company’s U.S. Treasury Strips serve as collateral for the margin credit line. During the first and second quarters of 2026, the Company borrowed $5.0 million and $10.0 million, respectively, under the margin credit line, with each borrowing repaid prior to the end of the respective quarter. The Company had no outstanding borrowings under the margin credit line outstanding as of June 30, 2026 or December 31, 2025. Availability under the margin credit line is subject to customary margin requirements based upon a percentage of the value of the pledged securities.