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Operating Expenses | 12 Months Ended
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Dec. 31, 2025
Operating Expenses [Abstract] |
OPERATING EXPENSES | NOTE 24 — OPERATING EXPENSES The following tables present a breakdown of our expense categories as presented within our consolidated statements of operations and other comprehensive (loss) income. Brokerage and Transaction:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Clearing and operation cost |  | $ | 83,591,253 |  |  | $ | 52,722,425 |  |  | $ | 43,833,078 |
Market and data fees |  |  | 22,676,024 |  |  |  | 16,056,015 |  |  |  | 12,720,971 |
Handling charge expense |  |  | 22,481,787 |  |  |  | 10,528,178 |  |  |  | 9,864,869 |
Total |  | $ | 128,749,064 |  |  | $ | 79,306,618 |  |  | $ | 66,418,918 |
Technology and Development:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Employee compensation benefits |  | $ | 55,558,669 |  |  | $ | 43,399,693 |  |  | $ | 35,111,616 |
Cloud service fees |  |  | 14,315,992 |  |  |  | 13,280,129 |  |  |  | 11,806,489 |
System costs |  |  | 9,309,358 |  |  |  | 7,160,641 |  |  |  | 5,238,363 |
Total |  | $ | 79,184,019 |  |  | $ | 63,840,463 |  |  | $ | 52,156,468 |
Our research and development costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2025, 2024 and 2023 were $35,522,819, $32,699,364, and $31,955,946, respectively. Marketing and Branding:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Advertising and promotions |  | $ | 111,073,326 |  |  | $ | 108,190,912 |  |  | $ | 92,182,380 |
Free stock promotions |  |  | 14,770,750 |  |  |  | 23,980,001 |  |  |  | 55,225,961 |
Employee compensation and benefits |  |  | 10,103,339 |  |  |  | 6,550,318 |  |  |  | 4,849,661 |
Total |  | $ | 135,947,415 |  |  | $ | 138,721,231 |  |  | $ | 152,258,002 |
General and Administrative:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Employee compensation and benefits |  | $ | 104,600,076 |  |  | $ | 77,187,479 |  |  | $ | 61,466,048 |
Compliance fees |  |  | 13,065,160 |  |  |  | 11,212,942 |  |  |  | 8,740,324 |
Office related |  |  | 27,833,724 |  |  |  | 18,337,113 |  |  |  | 10,078,418 |
Professional services |  |  | 15,942,896 |  |  |  | 10,586,397 |  |  |  | 9,966,117 |
Depreciation and amortization |  |  | 3,234,484 |  |  |  | 3,010,301 |  |  |  | 4,675,664 |
Other |  |  | 3,966,349 |  |  |  | 2,380,396 |  |  |  | 863,232 |
|  | $ | 168,642,689 |  |  | $ | 122,714,628 |  |  | $ | 95,789,803 |

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