XML 69 R38.htm IDEA: XBRL DOCUMENT
v3.26.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 30 — SEGMENT REPORTING We operate as a single reportable segment. This determination is based upon the financial information reviewed by our Chief Operating Decision Maker (“CODM”). Our CODM is our management committee, which is comprised of the Company’s Chief Executive Officer, President and Chief Financial Officer who collectively assess the performance of the Company and allocate resources across the Company. The internal reporting used collectively by the management committee is presented on a consolidated basis. The accounting policies of the segment are the same as those described in Note 2. The CODM evaluates the Company’s performance and allocates resources based upon consolidated business metrics, including not limited to registered users, funded accounts, equity notional volume and option contract volume, and financial metrics, which include consolidated revenue, adjusted operating income, adjusted net income and consolidated total assets. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations and comprehensive (loss) income. 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.
As we are a single segment entity, the significant segment expenses required to be disclosed under ASC 280 are presented throughout the consolidated financial statements including the consolidated statements of operations and comprehensive (loss) income, consolidated statements of cash flows, Note 23 – Revenues and Note 24 – Expenses. Our single segment total assets are equivalent to our total consolidated assets as reported on our consolidated statements of financial position. Geographic Area Information 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 |
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 |

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration