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SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Allowance for Doubtful Accounts | The following table presents the activity in the Company’s allowance for doubtful accounts:
| Beginning Balance |  |  |  | Net Additions/Deductions and Other Adjustments |  | Ending Balance
Year Ended December 31, 2024: |  |  |  |  |  |  |
Allowance for Doubtful Accounts | $ | 2,665,203 |  |  |  |  | $ | (628,306) |  |  | $ | 2,036,897 |
Year Ended December 31, 2023: |  |  |  |  |  |  |
Allowance for Doubtful Accounts | $ | 2,967,095 |  |  |  |  | $ | (301,892) |  |  | $ | 2,665,203 |
Year Ended December 31, 2022: |  |  |  |  |  |  |
Allowance for Doubtful Accounts | $ | 3,176,205 |  |  |  |  | $ | (209,110) |  |  | $ | 2,967,095 |
Schedule of Assets or Liabilities Having Recurring Measurements | Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2024 and December 31, 2023:
|  |  | Fair Value Measurements at Reporting Date Using
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | December 31, 2024 |  | (Level I) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 233,318,766 |  |  | $ | 233,318,766 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 2,851,933 |  |  | — |  |  | 2,851,933 |  |  | — |
Certificate of Deposit | 751,728 |  |  | 751,728 |  |  | — |  |  | — |
Corporate Bonds | 3,971,200 |  |  | — |  |  | 3,971,200 |  |  | — |
Government Securities | 3,982,275 |  |  | — |  |  | 3,982,275 |  |  | — |
Municipal Bonds | 3,386,500 |  |  | — |  |  | 3,386,500 |  |  | — |
Other | 1,400,176 |  |  | 1,400,176 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 41,766,104 |  |  | — |  |  | 41,766,104 |  |  | — |
Corporate Bonds | 54,537,517 |  |  | — |  |  | 54,537,517 |  |  | — |
Government Securities | 6,199,535 |  |  | — |  |  | 6,199,535 |  |  | — |
Municipal Bonds | 39,458,318 |  |  | — |  |  | 39,458,318 |  |  |
VOXX Common Stock | 47,702,903 |  |  | 47,702,903 |  |  | — |  |  | — |
Total | $ | 439,326,955 |  |  | $ | 283,173,573 |  |  | $ | 156,153,382 |  |  | $ | — |
|  |  | Fair Value Measurements at Reporting Date Using
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | December 31, 2023 |  | (Level I) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 226,435,019 |  |  | $ | 226,435,019 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 994,013 |  |  | $ | 994,013 |  |  | — |  |  | — |
Corporate Bonds | 1,943,886 |  |  | — |  |  | 1,943,886 |  |  | — |
Government Securities | 4,759,507 |  |  | — |  |  | 4,759,507 |  |  | — |
Municipal Bonds | 1,726,658 |  |  | — |  |  | 1,726,658 |  |  | — |
Other | 1,465,388 |  |  | 1,465,388 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 27,146,504 |  |  | — |  |  | 27,146,504 |  |  | — |
Certificate of Deposit | 748,358 |  |  | 748,358 |  |  | — |  |  | — |
Corporate Bonds | 65,404,340 |  |  | — |  |  | 65,404,340 |  |  | — |
Government Securities | 6,227,129 |  |  | — |  |  | 6,227,129 |  |  | — |
Municipal Bonds | 56,336,921 |  |  |  |  | 56,336,921 |  |  | — |
VOXX Common Stock | 18,610,519 |  |  | 18,610,519 |  |  | — |  |  | — |
Total | $ | 411,798,242 |  |  | $ | 248,253,297 |  |  | $ | 163,544,945 |  |  | $ | — |
Schedule of Amortized Cost, Unrealized Gains And Losses, and Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2024 and 2023:
| Unrealized
2024 | Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | $ | 2,834,713 |  |  | $ | 17,220 |  |  | $ | — |  |  | $ | 2,851,933 |
Certificate of Deposit | 750,000 |  |  | 1,728 |  |  | — |  |  | 751,728 |
Corporate Bonds | 4,013,735 |  |  | — |  |  | (42,535) |  |  | 3,971,200 |
Government Securities | 3,981,161 |  |  | 1,114 |  |  | — |  |  | 3,982,275 |
Municipal Bonds | 3,400,019 |  |  | 472 |  |  | (13,991) |  |  | 3,386,500 |
Other | 1,400,176 |  |  | — |  |  | — |  |  | 1,400,176 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 41,372,112 |  |  | 620,756 |  |  | (226,764) |  |  | 41,766,104 |
Corporate Bonds | 54,552,964 |  |  | 355,627 |  |  | (371,074) |  |  | 54,537,517 |
Government Securities | 6,206,437 |  |  | 13,124 |  |  | (20,026) |  |  | 6,199,535 |
Municipal Bonds | 40,542,837 |  |  | 209,564 |  |  | (1,294,083) |  |  | 39,458,318 |
VOXX Common Stock | 48,774,886 |  |  | 7,502,949 |  |  | (8,574,932) |  |  | 47,702,903 |
Total | $ | 207,829,040 |  |  | $ | 8,722,554 |  |  | $ | (10,543,405) |  |  | $ | 206,008,189 |
| Unrealized
2023 | Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 1,000,000 |  |  | $ | — |  |  | $ | (5,987) |  |  | $ | 994,013 |
Corporate Bonds | 1,976,195 |  |  | — |  |  | (32,309) |  |  | 1,943,886 |
Government Securities | 4,754,495 |  |  | 21,141 |  |  | (16,129) |  |  | 4,759,507 |
Municipal Bonds | 1,749,038 |  |  | — |  |  | (22,380) |  |  | 1,726,658 |
Other | 1,465,388 |  |  | — |  |  | — |  |  | 1,465,388 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 26,923,803 |  |  | 331,847 |  |  | (109,146) |  |  | 27,146,504 |
Certificate of Deposit | 750,000 |  |  | — |  |  | (1,642) |  |  | 748,358 |
Corporate Bonds | 66,214,398 |  |  | 748,471 |  |  | (1,558,529) |  |  | 65,404,340 |
Government Securities | 6,217,774 |  |  | 10,675 |  |  | (1,320) |  |  | 6,227,129 |
Municipal Bonds | 58,261,615 |  |  | 811,128 |  |  | (2,735,822) |  |  | 56,336,921 |
VOXX Common Stock | 17,324,886 |  |  | 1,328,446 |  |  | (42,813) |  |  | 18,610,519 |
Total | $ | 186,637,592 |  |  | $ | 3,251,708 |  |  | $ | (4,526,077) |  |  | $ | 185,363,223 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | Unrealized losses on investments as of December 31, 2024 are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 587,357 |  |  | $ | 46,365,022 |
Greater than one year | 1,381,116 |  |  | 32,602,844 |
Total | $ | 1,968,473 |  |  | $ | 78,967,866 |
Unrealized losses on investments as of December 31, 2023 are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 126,074 |  |  | $ | 13,449,592 |
Greater than one year | 4,400,003 |  |  | 76,966,258 |
Total | $ | 4,526,077 |  |  | $ | 90,415,850 |
Schedule of Investments Classified by Contractual Maturity Date | Fixed income securities as of December 31, 2024, have contractual maturities as follows:
Due within one year | $ | 14,943,636 |
Due between one and five years | 78,885,415 |
Due over five years | 63,076,059 |
| $ | 156,905,110 |
Schedule of Inventories | Inventories consisted of the following as of December 31, 2024 and 2023:
| 2024 |  | 2023
Raw materials | $ | 307,098,829 |  |  | $ | 283,126,566 |
Work-in-process | 48,098,732 |  |  | 46,343,955 |
Finished goods | 81,299,884 |  |  | 73,002,507 |
Total Inventory | $ | 436,497,445 |  |  | $ | 402,473,028 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for operating leases are as follows:
Year ending December 31, |
2025 | $ | 1,902,522 |
2026 | 1,351,590 |
2027 | 948,995 |
2028 | 681,303 |
2029 | 81,569 |
Total future minimum lease payments | $ | 4,965,979 |
Less imputed interest | (283,178) |
Total | $ | 4,682,801 |
Schedule of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years:
| 2024 | 2023 | 2022
Basic Earnings Per Share |  |  |
Net Income | $ | 404,487,743 |  | $ | 428,403,272 |  | $ | 318,757,352 |
Less: Allocated to participating securities | 5,613,957 |  | 6,352,424 |  | 4,875,057 |
Net Income available to common shareholders | $ | 398,873,786 |  | $ | 422,050,848 |  | $ | 313,882,295 |
Basic weighted average shares outstanding | 225,710,698 |  | 229,405,479 |  | 230,825,293 |
Net Income per share - Basic | $ | 1.77 |  | $ | 1.84 |  | $ | 1.36 |
Diluted Earnings Per Share |  |  |
Allocation of Net Income used in basic computation | $ | 398,873,786 |  | $ | 422,050,848 |  | $ | 313,882,295 |
Reallocation of undistributed earnings | 5,594 |  | 6,341 |  | 5,299 |
Net Income available to common shareholders — Diluted | $ | 398,879,380 |  | $ | 422,057,189 |  | $ | 313,887,594 |
Number of shares used in basic computation | 225,710,698 |  | 229,405,479 |  | 230,825,293 |
Additional weighted average dilutive common stock equivalents | 312,784 |  | 314,719 |  | 394,196 |
Diluted weighted average shares outstanding | 226,023,482 |  | 229,720,198 |  | 231,219,489 |
Net income per share — Diluted | $ | 1.76 |  | $ | 1.84 |  | $ | 1.36 |

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