INVESTMENTS IN TRADING SECURITIES

12 Months Ended

Dec. 31, 2024

INVESTMENTS IN TRADING SECURITIES

INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES

NOTE 3 – INVESTMENTS IN TRADING SECURITIES

Investments (all level 1 fair value measurements) in trading securities consist of U.S. government and agency securities and fixed income funds that are held by the Company or held in trusts related to the Company’s tax-exempt bonds. These investments held by a trust related to the Company’s tax-exempt bonds are classified as restricted cash and restricted investments on the accompanying balance sheets. All other securities are classified as short-term investments on the accompanying balance sheets. The short-term investment securities are classified as trading securities and, accordingly, the unrealized gains and losses are recorded in current period earnings or loss.

The Company’s investments in trading securities consisting of U.S government and agency securities and fixed income funds are as follows:

			Gross Unrealized					Allowance for		Fair
	Cost Basis		Gains		Losses			Credit Losses		Value
December 31, 2024	$	151,100,796	$	5,243,131	$	(3,031	)	$	-	$	156,340,896
December 31, 2023	$	31,139,980	$	505,128	$	-		$	-	$	31,645,109

The fair value of investments held as of December 31, 2024 consist of approximately $151,253,000 in U.S. Treasuries, $4,500,000 in a bank certificate of deposit and $587,000 in fixed income funds.  As of December 31, 2023, the fair value of investments held consists of $25,797,000 in U.S. treasuries, $4,500,000 in a bank certificate of deposit and $1,348,000 in fixed income funds.  There were no investments with unrealized losses that have been owned for more than or less than a year.

The debt securities outstanding as of December 31, 2024 have maturity dates ranging from the first quarter of 2025 through the fourth quarter of 2025.