INVESTMENTS

9 Months Ended

Sep. 30, 2022

INVESTMENTS

14. INVESTMENTS

NOTE 14 – INVESTMENTS

In April 2022, the Company opened an investment account composed primarily of fixed income mutual funds and U.S. Treasury bonds which are measured using Level 1 fair value inputs that are based on quote prices in active markets.

For the three months ended September 30, 2022, the Company recognized $25,840 in the change in fair value of investments on the condensed consolidated statement of operations. For the nine months ended September 30, 2022, the Company recognized a change in fair value of investments of $119,298 on the condensed consolidated statement of operations.

As of September 30, 2022, the cost and fair value of the investment portion of the account was $13,061,469 and $12,973,553, respectively.

As of September 30, 2022, the cash and cash equivalent portion of the account was $442,097 which is included in cash and cash equivalents on the condensed consolidated balance sheet.