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BUSINESS COMBINATIONS (Tables)
 9 Months Ended
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 IdentifiedFair Value (as previously reported)
Adjustments
Adjusted Fair Value
Intangibles$51,700,000 $— $51,700,000 
Current assets9,570,953 — 9,570,953 
Management and performance fee receivable, related party13,914,055 — 13,914,055 
Non-current assets4,080,820 — 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 acquired51,953,965 $— $51,953,965 
Goodwill93,745,891 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 assets575,212 — 575,212 
Deferred tax assets116,313 — 116,313 
Accrued expenses(225,515)(39,534)(265,049)
Net assets acquired5,766,010 (39,534)5,726,476 
Goodwill4,620,119 (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 assets911,478 
Deferred tax assets25,388 
Accrued expenses(16,908)
Net assets acquired2,313,258 
Goodwill686,742 
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 assets2,061,706 
Deferred tax assets129,623 
Accrued expenses(844,798)
Other liabilities(1,906,544)
Net assets acquired2,839,987 
Goodwill6,425,210 
Total purchase price$9,265,197 
Schedule of Intangible Assets Acquired
Intangible assets were comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Management agreements$47,400,000 
4 - 8 years
Multi-period excess earnings method
Trade name2,000,000 10 yearsRelief from royalty method
Non-compete agreements2,300,000 3 yearsWith and without method
Total fair value$51,700,000 
Intangible assets were comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer relationships - investment advisory agreements$3,800,000 3 yearsMulti-period excess earnings method
Non-compete agreements1,100,000 1 yearWith and without method
Internally developed and used technology400,000 3 yearsRelief from royalty method
Total fair value$5,300,000 
Intangible assets were comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer relationships$1,393,300 10 yearsMulti-period excess earnings method
Total fair value$1,393,300 
Intangible assets were comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer relationships$2,900,000 10 yearsMulti-period excess earnings method
Trade Name500,000 3 yearsRelief 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,
20242024
Pro forma revenue$34,883,727 $99,191,372 
Pro forma net loss(5,885,847)(2,125,704)