Cash, Cash Equivalents, and Investments

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

Note 2: Cash, Cash Equivalents, and Investments

The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, net of allowance for credit losses, and its investments in money market funds are classified as available-for-sale securities and presented as cash equivalents or restricted cash on the consolidated balance sheets. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of June 30, 2026, and December 31, 2025:

	June 30, 2026 (Unaudited)
	Level (1)	Fair Value		Allowance for Credit Losses		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Adjusted Cost
Assets:
Cash deposit	1	$	846,081	$	—	$	—	$	—		$	846,081
Money market funds ⁽²⁾	1		2,134,932		—		—		—			2,134,932
Short-term investment in corporate bonds ^(3)(5)(6)	2		1,687,453		—		—		(902	)		1,688,355
Long-term investment in corporate bonds ^(4)(5)(6)	2		109,071		—		—		(345	)		109,416
Total financial assets		$	4,777,537	$	—	$	—	$	(1,247	)	$	4,778,784
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash												(1,555,649	)
Total cash, cash equivalents and investments											$	3,223,135

	December 31, 2025 (Audited)
	Level ⁽¹⁾	Fair Value		Allowance for Credit Losses		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Adjusted Cost
Assets:
Cash deposits	1	$	143,752	$	—	$	—	$	—		$	143,752
Money market funds ⁽²⁾	1		5,709,747		—		—		—			5,709,747
Short-term investment in corporate bonds ^(3)(5)(6)	2		2,700,344		—		1,973		(290	)		2,698,661
Total financial assets		$	8,553,843	$	—	$	1,973	$	(290	)	$	8,552,160
Reconciliation to cash, cash equivalents and investments on condensed consolidated balance sheet
Minus: Restricted cash												(1,231,168	)
Total cash, cash equivalents and investments											$	7,320,992

Notes:

(1)	Definition of the three-level fair value hierarchy:

	●	Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
	●	Level 2 - Other inputs that are directly or indirectly observable in the markets
	●	Level 3 - Inputs that are generally unobservable

(2)	All our money market funds were invested in U.S. Government money market funds.
(3)	Short-term investment securities will mature within 12 months or less, from the applicable reporting date.
(4)	Long-term investment securities will mature between 12 months and 18 months from the applicable reporting date.
(5)	For the three months ended June 30, 2026 and 2025, the Company received discounts of $4,117 and $9,618 to purchase held-to-maturity investment securities, respectively. For the six months ended June 30, 2026 and 2025, the Company received discounts of $8,570 and $15,722 to purchase held-to-maturity investment securities, respectively. For the year ended December 31, 2025, the Company received discounts of $63,096 to purchase held-to-maturity investment securities.
(6)	The Company’s held-to-maturity corporate bonds are evaluated quarterly for expected credit losses using a model based on credit ratings and historical risk of default. As of June 30, 2026 and December 31, 2025, based on the high credit quality of the issuers and macroeconomic conditions, the calculated allowance for expected credit losses was immaterial. Accordingly, no allowance for credit losses was recorded against the amortized cost basis of the investments.