Short-Term Investments

6 Months Ended

Jun. 30, 2026

Note 5 – 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			70,792,927			7,000,000			10,648,186			93,241,113
Maturing		(4,800,000	)		(27,323,596	)		(22,191,255	)		-			(54,314,851	)
Early withdrawals		-			(35,920,114	)		-			(21,662,397	)		(57,582,511	)
Fair value adjustment		-			(132,766	)		424,785			(572,923	)		(280,904	)
Balance, June 30, 2026	$	-		$	18,727,101		$	-		$	-		$	18,727,101

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 $47,134 and $203,042 for the six months ended June 30, 2026 and 2025, respectively.

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 six months ended June 30, 2026, these notes matured and the Company entered into eleven additional three-month equity linked notes and one two-month equity linked note which provide for coupon amounts ranging from 9.0% to 30.0% 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 amounted to $874,518 and $112,500 for the six months ended June 30, 2026 and 2025, respectively.

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 six months ended June 30, 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 six months ended June 30, 2026 and 2025 amounted to $196,333 and $616,500, respectively.

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, and on May 5, 2026, one more U.S. Treasury Bond (4.625% DTD 11/15/2025, due 11/15/2055) for $7,150,598. All three bonds were sold during the six months ended June 30, 2026, pursuant to which the Company recognized a loss of $572,923. Interest income on these bonds amounted to $219,522 for the six months ended June 30, 2026.