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Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 33,715,772 $ 46,991,879
Investments 163,263,883 147,738,862
Accounts receivable 20,810,366 18,051,241
Prepaid expenses 3,997,154 3,509,460
Income taxes receivable 2,621,209 1,620,864
Property and equipment, net of depreciation 7,755,377 2,591,604
Deferred taxes 8,646,048 11,590,438
Total assets 240,809,809 232,094,348
Liabilities    
Accounts payable and accrued expenses 6,338,203 5,421,454
Accrued incentive compensation 22,664,898 29,500,000
Present value of operating lease liability 6,388,801 768,916
Deferred compensation 38,924,862 36,087,170
Total liabilities 74,316,764 71,777,540
Permanent shareholders’ equity    
Common shares, no par value: 7,000,000 shares authorized; 2,732,931 issued and outstanding at September 30, 2024 (inclusive of 195,620 unvested shares); 2,823,076 issued and outstanding at December 31, 2023 (inclusive of 190,172 unvested shares) 30,051,853 22,164,410
Preferred shares, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (18,521,215) (15,392,418)
Retained earnings 154,962,407 153,544,816
Total permanent shareholders’ equity 166,493,045 160,316,808
Total liabilities and shareholders’ equity $ 240,809,809 $ 232,094,348