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v3.25.2

Revenues (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue [Line Items] |
Schedule of Consolidated Statements of Operations and Comprehensive Loss | The following tables present a breakdown of our revenue categories presented within our condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Equity and Option Order Flow Income: |  |  |  |  |  |  |  |  |  |  |  |
Option order flow rebates |  | $ | 49,065,412 |  |  | $ | 30,257,156 |  |  | $ | 94,339,846 |  |  | $ | 60,145,364 |
Equity order flow rebates |  |  | 19,623,426 |  |  |  | 13,059,779 |  |  |  | 38,460,174 |  |  |  | 27,083,688 |
Total |  | $ | 68,688,838 |  |  | $ | 43,316,935 |  |  | $ | 132,800,020 |  |  | $ | 87,229,052 |
Interest and Other Related Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock lending |  | $ | 7,637,688 |  |  | $ | 7,792,949 |  |  | $ | 13,042,625 |  |  | $ | 13,476,129 |
Margin financing |  |  | 8,617,766 |  |  |  | 7,022,208 |  |  |  | 17,519,653 |  |  |  | 14,409,646 |
Client bank deposits |  |  | 17,936,187 |  |  |  | 13,558,841 |  |  |  | 32,553,378 |  |  |  | 29,462,459 |
Corporate bank deposits |  |  | 2,094,892 |  |  |  | 3,524,793 |  |  |  | 4,310,941 |  |  |  | 7,048,186 |
Total |  | $ | 36,286,533 |  |  | $ | 31,898,791 |  |  | $ | 67,426,597 |  |  | $ | 64,396,420 |
Handling Charge Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  | 7,104,325 |  |  | $ | 6,456,829 |  |  | $ | 15,479,547 |  |  | $ | 13,824,124 |
Platform and trading fees |  |  | 13,001,178 |  |  |  | 3,908,597 |  |  |  | 22,172,966 |  |  |  | 6,245,811 |
Total |  | $ | 20,105,503 |  |  | $ | 10,365,426 |  |  | $ | 37,652,513 |  |  | $ | 20,069,935 |
Other Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data subscription income |  |  | 2,037,609 |  |  | $ | 1,772,544 |  |  | $ | 4,021,956 |  |  | $ | 3,387,901 |
Co-marketing income |  |  | – |  |  |  | 56,243 |  |  |  | – |  |  |  | 187,530 |
Syndicate fees |  |  | 112,454 |  |  |  | 238,746 |  |  |  | 403,475 |  |  |  | 386,268 |
Lease income |  |  | 301,669 |  |  |  | 283,895 |  |  |  | 604,397 |  |  |  | 567,831 |
Foreign exchange fee |  |  | 737,002 |  |  |  | 256,381 |  |  |  | 1,314,638 |  |  |  | 417,236 |
Non-trading rebates |  |  | 1,151,208 |  |  |  | – |  |  |  | 1,869,991 |  |  |  | – |
Proxy income |  |  | 2,048,315 |  |  |  | 1,692,805 |  |  |  | 2,694,888 |  |  |  | 2,121,748 |
Other |  |  | 24,219 |  |  |  | 14,122 |  |  |  | 73,710 |  |  |  | 67,687 |
Total |  | $ | 6,412,476 |  |  | $ | 4,314,736 |  |  | $ | 10,983,055 |  |  | $ | 7,136,201 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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