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v3.26.1

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Presents Significant Expenses Provided to the CODM | The following table presents significant revenues and expenses provided to the CODM for the years ended December 31, 2025, 2024 and 2023.
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  |  |  |  |  |  |  |  |
Equity and option order flow rebates |  | $ | 304,126,641 |  |  | $ | 197,069,562 |  |  | $ | 192,232,715 |
Interest related income |  |  | 154,256,508 |  |  |  | 130,451,877 |  |  |  | 155,792,329 |
Handling charge income |  |  | 87,293,753 |  |  |  | 49,044,700 |  |  |  | 30,677,177 |
Other revenues |  |  | 25,319,904 |  |  |  | 13,663,533 |  |  |  | 10,900,349 |
Total revenues |  |  | 570,996,806 |  |  |  | 390,229,672 |  |  |  | 389,602,570 |
Segment expenses |  |  |  |  |  |  |  |  |  |  |  |
Brokerage and transaction(1) |  |  | 128,749,064 |  |  |  | 79,306,618 |  |  |  | 66,418,918 |
Technology and development(1) |  |  | 73,231,080 |  |  |  | 55,550,088 |  |  |  | 44,407,785 |
Marketing and branding(1) |  |  | 133,929,889 |  |  |  | 136,693,180 |  |  |  | 150,558,774 |
General and administrative(1) |  |  | 132,740,255 |  |  |  | 100,445,443 |  |  |  | 75,825,829 |
Other segment items(2) |  |  | 43,872,899 |  |  |  | 32,587,611 |  |  |  | 29,411,885 |
Total operating expenses per consolidated statements of operations and comprehensive (loss) income |  |  | 512,523,187 |  |  |  | 404,582,940 |  |  |  | 366,623,191 |
Operating income (loss) |  |  | 58,473,619 |  |  |  | (14,353,268 | ) |  |  | 22,979,379 |
Other expense (income), net |  |  | 13,275,139 |  |  |  | (2,302,693 | ) |  |  | 2,801,285 |
Provision for income taxes |  |  | 20,832,451 |  |  |  | 13,823,355 |  |  |  | 16,140,571 |
Income from discontinued operations, net of tax |  |  | - |  |  |  | 2,691,778 |  |  |  | 1,784,465 |
Net income (loss) |  | $ | 24,366,029 |  |  | $ | (23,182,152 | ) |  | $ | 5,821,988 |
| (1) | Excludes share-based compensation. See Note 21 for operating expense allocation.
| (2) | Other segment items represent share-based compensation.
Schedule of Revenues, by Geographic Area from External Customers | The following table presents our revenues, by geographic area, for the years ended December 31, 2025, 2024 and 2023 from external customers, excluding interest received on corporate bank deposits in the amount of $14,963,064, $12,923,495 and $14,833,038 for the years ended December 31, 2025, 2024 and 2023, respectively.
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |
United States |  | $ | 516,465,261 |  |  | $ | 355,022,439 |  |  | $ | 363,746,474 |
Singapore |  |  | 13,155,299 |  |  |  | 10,923,140 |  |  |  | 5,590,646 |
Hong Kong |  |  | 6,770,376 |  |  |  | 6,692,262 |  |  |  | 5,066,724 |
Canada |  |  | 8,304,728 |  |  |  | 1,605,292 |  |  |  | – |
Others |  |  | 11,338,078 |  |  |  | 3,063,044 |  |  |  | 365,688 |
Total |  | $ | 556,033,742 |  |  | $ | 377,306,177 |  |  | $ | 374,769,532 |
Schedule of Long-Lived Assets by Category and by Geographic Area | The following table presents long-lived assets by category and by geographic area as of December 2025 and 2024.
|  | 2025 |  |  | 2024 |
Right-of-use assets: |  |  |  |  |  |
Mainland China |  | $ | 54,318,815 |  |  | $ | 56,198,584 |
United States |  |  | 5,937,180 |  |  |  | 6,648,247 |
Others |  |  | 4,101,660 |  |  |  | 3,446,920 |
Total |  | $ | 64,357,655 |  |  | $ | 66,293,751 |
Property and equipment, net: |  |  |  |  |  |  |  |
United States |  | $ | 29,210,625 |  |  | $ | 30,347,719 |
Others |  |  | 6,684,230 |  |  |  | 3,282,051 |
Total |  | $ | 35,894,855 |  |  | $ | 33,629,770 |
Intangible assets, net: |  |  |  |  |  |  |  |
United States |  | $ | 36,037,400 |  |  | $ | – |
Japan |  |  | 15,068,472 |  |  |  | 15,111,688 |
Indonesia |  |  | 3,052,159 |  |  |  | 3,094,718 |
Others |  |  | 1,276,536 |  |  |  | 1,209,557 |
Total |  | $ | 55,434,567 |  |  | $ | 19,415,963 |
Goodwill: |  |  |  |  |  |  |  |
United States |  | $ | 25,066,700 |  |  | $ | – |
Mexico |  |  | 5,197,438 |  |  |  | 5,197,438 |
Total |  | $ | 30,264,138 |  |  | $ | 5,197,438 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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