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COMPREHENSIVE INCOME | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on available for sale investments and foreign currency translation adjustments.
| For the Years ended December 31,
| 2024 |  | 2023 |  | 2022
Foreign currency translation adjustments: |  |  |  |  |
Balance at beginning of period | $ | (4,534,719) |  |  | $ | (4,032,239) |  |  | $ | 920,589 |
Other comprehensive loss before reclassifications | (1,283,017) |  |  | (502,480) |  |  | (4,952,828) |
Net current-period change | (1,283,017) |  |  | (502,480) |  |  | (4,952,828) |
Balance at end of period | (5,817,736) |  |  | (4,534,719) |  |  | (4,032,239) |
Unrealized (losses) gains on available-for-sale securities: |  |  |  |  |
Balance at beginning of period | (2,022,403) |  |  | (10,110,695) |  |  | 1,006,655 |
Other comprehensive (loss) income before reclassifications | (360,991) |  |  | 3,360,396 |  |  | (12,470,515) |
Amounts reclassified from accumulated other comprehensive (loss) income | 1,791,789 |  |  | 4,727,896 |  |  | 1,353,165 |
Net current-period change | 1,430,798 |  |  | 8,088,292 |  |  | (11,117,350) |
Balance at end of period | (591,605) |  |  | (2,022,403) |  |  | (10,110,695) |
Accumulated other comprehensive loss, end of period | $ | (6,409,341) |  |  | $ | (6,557,122) |  |  | $ | (14,142,934) |
All amounts are shown net of tax. Amounts in parentheses indicate debits. The following table presents details of reclassifications from accumulated other comprehensive (loss) income for the years ended December 31, 2024, 2023, and 2022:
Details about Accumulated Other Comprehensive (Loss) Income Components |  |  |  | Affected Line item in the Statement of Consolidated Income
|  | For the Years ended December 31, |  |
|  | 2024 |  | 2023 |  | 2022 |  |
Unrealized (losses) gains on available-for-sale securities |  |  |  |  |  |  |  |
Realized loss on sale of securities |  | $ | (2,268,087) |  |  | $ | (5,984,678) |  |  | $ | (1,712,867) |  |  | Other loss, net
Provision for income taxes |  | 476,298 |  |  | 1,256,782 |  |  | 359,702 |  |  | Provision for Income Taxes
Total reclassifications for the period |  | $ | (1,791,789) |  |  | $ | (4,727,896) |  |  | $ | (1,353,165) |  |  | Net of tax

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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