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BUSINESS COMBINATIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocation | The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.
Net Assets Identified | Fair Value (as previously reported) | Adjustments | Adjusted Fair Value
Intangibles | $ | 51,700,000 |  | $ | — |  | $ | 51,700,000 |
Current assets | 9,570,953 |  | — |  | 9,570,953 |
Management and performance fee receivable, related party | 13,914,055 |  | — |  | 13,914,055 |
Non-current assets | 4,080,820 |  | — |  | 4,080,820 |
Deferred tax liabilities | (12,893,980) |  | — |  | (12,893,980) |
Accrued expenses | (6,325,921) |  | — |  | (6,325,921) |
Other liabilities | (8,091,962) |  | — |  | (8,091,962) |
Net assets acquired | 51,953,965 |  | $ | — |  | $ | 51,953,965 |
Goodwill | 93,745,891 |  | 3,613,319 |  | 97,359,210 |
Total purchase price | $ | 145,699,856 |  | $ | 3,613,319 |  | $ | 149,313,175 |
The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.
Net Assets Identified | Fair Value (as previously reported) | Adjustments | Adjusted Fair Value (as finalized on June 30, 2025)
Intangibles | $ | 5,300,000 |  | $ | — |  | $ | 5,300,000 |
Current assets | 575,212 |  | — |  | 575,212 |
Deferred tax assets | 116,313 |  | — |  | 116,313 |
Accrued expenses | (225,515) |  | (39,534) |  | (265,049) |
Net assets acquired | 5,766,010 |  | (39,534) |  | 5,726,476 |
Goodwill | 4,620,119 |  | (61,834) |  | 4,558,285 |
Total purchase price | $ | 10,386,129 |  | $ | (101,368) |  | $ | 10,284,761 |
The Company finalized the valuations related to the acquired assets and liabilities of NIB on June 30, 2025. The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.
Net Assets Identified | Fair Value (as finalized on June 30, 2025)
Intangibles | $ | 1,393,300 |
Current assets | 911,478 |
Deferred tax assets | 25,388 |
Accrued expenses | (16,908) |
Net assets acquired | 2,313,258 |
Goodwill | 686,742 |
Total purchase price | $ | 3,000,000 |
The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.
Net Assets Identified | Fair Value
Intangibles | $ | 3,400,000 |
Current assets | 2,061,706 |
Deferred tax assets | 129,623 |
Accrued expenses | (844,798) |
Other liabilities | (1,906,544) |
Net assets acquired | 2,839,987 |
Goodwill | 6,425,210 |
Total purchase price | $ | 9,265,197 |
Schedule of Intangible Assets Acquired | Intangible assets were comprised of the following:
Asset Type | Fair Value | Useful Life | Valuation Methodology
Management agreements | $ | 47,400,000 |  | 4 - 8 years | Multi-period excess earnings method
Trade name | 2,000,000 |  | 10 years | Relief from royalty method
Non-compete agreements | 2,300,000 |  | 3 years | With and without method
Total fair value | $ | 51,700,000 |  |  |
Intangible assets were comprised of the following:
Asset Type | Fair Value | Useful Life | Valuation Methodology
Customer relationships - investment advisory agreements | $ | 3,800,000 |  | 3 years | Multi-period excess earnings method
Non-compete agreements | 1,100,000 |  | 1 year | With and without method
Internally developed and used technology | 400,000 |  | 3 years | Relief from royalty method
Total fair value | $ | 5,300,000 |  |  |
Intangible assets were comprised of the following:
Asset Type | Fair Value | Useful Life | Valuation Methodology
Customer relationships | $ | 1,393,300 |  | 10 years | Multi-period excess earnings method
Total fair value | $ | 1,393,300 |  |  |
Intangible assets were comprised of the following:
Asset Type | Fair Value | Useful Life | Valuation Methodology
Customer relationships | $ | 2,900,000 |  | 10 years | Multi-period excess earnings method
Trade Name | 500,000 |  | 3 years | Relief from royalty method
Total fair value | $ | 3,400,000 |  |  |
Schedule of Pro Forma Financial Information | The supplemental pro forma financial information in the table below summarizes the combined results of operations for the Carlisle Acquisition as if the Companies were combined for the presented reporting periods. The unaudited supplemental pro forma financial information as presented below is for illustrative purposes only and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future periods. There were no acquisition-related costs or related intangible amortization included in the unaudited pro forma results below.
| (Unaudited) Three Months Ended September 30, |  | (Unaudited) Nine Months Ended September 30,
| 2024 |  | 2024
Pro forma revenue | $ | 34,883,727 |  |  | $ | 99,191,372 |
Pro forma net loss | (5,885,847) |  |  | (2,125,704) |

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