INVESTMENTS

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

INVESTMENTS

NOTE 9 — INVESTMENTS

As of September 30, 2024 and December 31, 2023, investments consist of the following:

	September 30, 2024			December 31, 2023
Investments in private entities or organizations that do not report NAV per share:
Entities or organizations without observable price changes	$	1,888,401		$	1,557,366
Investment in a public entity with readily determinable fair value – related party		3,715,695			—
Less: accumulated impairment		(698,981	)		(707,932	)
Long-term investments	$	4,905,115		$	849,434

The Company reclassified unrealized gain on available-for-sale debt security of $205,383 and $8,760 for the three and nine months ended September 30, 2023, respectively; and recognized a realized gain on available-for-sale debt securities of $223,164 for the three and nine months ended September 30, 2023, respectively. No such reclassification or realized gain was recognized for the three and nine months ended September 30, 2024.

In January 2024, the Company acquired 353,600 shares of common stock of Waqoo, representing less than 10% ownership interest, a related-party company listed on the Tokyo Stock Exchange, with a fair value of $5,565,938 through a share exchange agreement. During the three and nine months ended September 30, 2024, the Company recognized an unrealized loss of $636,725 and $1,682,282 on the investment in Waqoo, respectively.