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Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 17,592,320 $ 46,991,879
Investments 154,922,301 147,738,862
Accounts receivable 21,295,728 18,051,241
Prepaid expenses 3,238,126 3,509,460
Income taxes receivable 0 1,620,864
Property and equipment, net of depreciation 2,280,748 2,591,604
Deferred taxes 9,756,586 11,590,438
Total assets 209,085,809 232,094,348
Liabilities    
Accounts payable and accrued expenses 5,610,105 6,190,370
Accrued incentive compensation 6,786,756 29,500,000
Income taxes payable 859,479 0
Deferred compensation 37,543,829 36,087,170
Total liabilities 50,800,169 71,777,540
Permanent shareholders’ equity    
Common shares, no par value: 7,000,000 shares authorized; 2,804,668 issued and outstanding at March 31, 2024 (inclusive of 247,481 unvested shares); 2,823,076 issued and outstanding at December 31, 2023 (inclusive of 190,172 unvested shares) 19,029,598 22,164,410
Preferred shares, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (23,075,385) (15,392,418)
Retained earnings 162,331,427 153,544,816
Total permanent shareholders’ equity 158,285,640 160,316,808
Total liabilities and shareholders’ equity $ 209,085,809 $ 232,094,348