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