INVESTMENTS IN CORPORATIONS AND LLCS

9 Months Ended

Sep. 30, 2024

INVESTMENTS IN CORPORATIONS AND LLCS

INVESTMENTS IN CORPORATIONS AND LLCS

NOTE 3 – INVESTMENTS IN CORPORATIONS AND LLCS

Investments in corporations and limited liability companies as of September 30, 2024 and December 31, 2023 consisted of the following:

	September 30, 2024		December 31, 2023
FUB Mineral LLC	$	610,803	$	606,729
Ferrox Holdings Ltd.		9,623,705		9,623,705
Total Investments in Corporations and LLCs	$	10,234,508	$	10,230,434

FUB Mineral LLC

On October 1, 2021, the Company made an investment into FUB Mineral LLC (FUB) in the amount of $250,000 in exchange 38.45% of the membership interest. As such, the investment in FUB will be accounted for using the equity method of accounting. On February 1, 2022, the Company invested an additional $200,000 into FUB through the purchase of debt held in that entity, resulting in the current Company’s ownership of 41.75% of FUB. The Company recorded passthrough activity of $1,382 and $(1,625), for the three-month periods ended September 30, 2024 and 2023, respectively. The Company recorded passthrough activity of $4,074 and $(4,722), for the nine-month periods ended September 30, 2024 and 2023, respectively.

Ferrox Holdings Ltd.

On December 23, 2022, the Company entered into an agreement with Maxpro Invest Holdings Inc. ("Maxpro") to purchase from Maxpro the sum of 95,000,000 Class A Common Stock of Ferrox Holdings Ltd. (“Ferrox”) that was owned by Maxpro.  The consideration paid to Maxpro for those shares was the sum of 627,806 shares of common stock of the Company.