As of September 30, 2025 and December 31, 2024, long-term investments, net consist of the following:


	September 30, 2025			December 31, 2024
Investments in private entities or organizations that do not report NAV per share:
Entities or organizations without observable price changes	$	1,820,953		$	1,719,770
Investment in a public entity with readily determinable fair value – related party		3,355,065			2,478,531
Investment in a public entity with readily determinable fair value		648,311			—
Less: accumulated impairment		(1,215,890	)		(1,148,329	)
Long-term investments, net	$	4,608,439		$	3,049,972

The Company recognized an unrealized gain on long-term investment in a public entity with readily determinable fair value – related party of $1,071,026 and an unrealized loss of $636,725 for the three months ended September 30, 2025 and 2024, respectively, and an unrealized gain of $730,458 and an unrealized loss of $1,682,282 for the nine months ended September 30, 2025 and 2024, respectively.

The Company recognized an unrealized gain on long-term investment in a public entity with readily determinable fair value of $37,973 and an unrealized loss of $5,982 for the three and nine months ended September 30, 2025, respectively.