XML 47 R37.htm IDEA: XBRL DOCUMENT
v3.25.2

Operating Expenses (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Operating Expenses [Abstract] |
Schedule of Consolidated Statements of Operations and Other Comprehensive (Loss) Income | The following tables present a breakdown of our expense categories as presented within our condensed consolidated statements of operations and other 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 |
Brokerage and Transaction: |  |  |  |  |  |  |  |  |  |  |  |
Clearing and operation cost |  | $ | 22,489,442 |  |  | $ | 12,565,945 |  |  | $ | 37,267,389 |  |  | $ | 24,240,577 |
Market and data fees |  |  | 5,271,994 |  |  |  | 3,738,722 |  |  |  | 10,340,088 |  |  |  | 7,474,045 |
Handling charge expense |  |  | 7,039,280 |  |  |  | 2,658,562 |  |  |  | 10,438,695 |  |  |  | 5,181,451 |
Total |  | $ | 34,800,716 |  |  | $ | 18,963,229 |  |  | $ | 58,046,172 |  |  | $ | 36,896,073 |
Technology and Development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation benefits |  | $ | 13,602,455 |  |  |  | 9,991,185 |  |  | $ | 24,819,003 |  |  | $ | 19,895,969 |
Cloud service fees |  |  | 3,513,522 |  |  |  | 3,273,670 |  |  |  | 6,921,435 |  |  |  | 6,641,153 |
System costs |  |  | 2,024,472 |  |  |  | 1,735,291 |  |  |  | 4,324,903 |  |  |  | 3,353,106 |
Total |  | $ | 19,140,449 |  |  | $ | 15,000,146 |  |  | $ | 36,065,341 |  |  | $ | 29,890,228 |
Marketing and Branding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advertising and promotions |  | $ | 22,237,232 |  |  |  | 27,849,187 |  |  | $ | 40,441,568 |  |  | $ | 55,605,445 |
Free stock promotions |  |  | 4,828,103 |  |  |  | 3,773,825 |  |  |  | 8,588,422 |  |  |  | 8,584,785 |
Employee compensation and benefits |  |  | 3,235,499 |  |  |  | 1,559,500 |  |  |  | 4,261,882 |  |  |  | 3,006,347 |
Total |  | $ | 30,300,834 |  |  | $ | 33,182,512 |  |  | $ | 53,291,872 |  |  | $ | 67,196,577 |
General and Administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | $ | 38,057,910 |  |  |  | 19,479,962 |  |  | $ | 61,044,723 |  |  |  | 40,626,381 |
Compliance fees |  |  | 1,824,891 |  |  |  | 4,453,301 |  |  |  | 3,319,827 |  |  |  | 7,229,836 |
Office related |  |  | 5,805,943 |  |  |  | 4,273,848 |  |  |  | 11,133,823 |  |  |  | 8,046,280 |
Professional services |  |  | 3,324,013 |  |  |  | 2,417,355 |  |  |  | 5,776,021 |  |  |  | 5,483,598 |
Depreciation and amortization |  |  | 1,371,063 |  |  |  | 777,680 |  |  |  | 2,153,929 |  |  |  | 1,702,140 |
Other |  |  | 592,904 |  |  |  | 213,809 |  |  |  | 1,169,121 |  |  |  | 436,561 |
Total |  | $ | 50,976,724 |  |  | $ | 31,615,955 |  |  | $ | 84,597,444 |  |  | $ | 63,524,796 |

X
- References No definition available. + Details
Name: | us-gaap_OperatingExpensesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each detailed component of other operating costs and expenses that are applicable to sales and revenues, but not included in the cost of sales in the income statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration