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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 41,624,604 $ 46,991,879
Investments 159,752,981 147,738,862
Accounts receivable 20,205,678 18,051,241
Prepaid expenses 3,694,019 3,509,460
Income taxes receivable 1,550,718 1,620,864
Property and equipment, net of depreciation 8,380,594 2,591,604
Deferred taxes 9,918,056 11,590,438
Total assets 245,126,650 232,094,348
Liabilities    
Accounts payable and accrued expenses 5,599,931 5,421,454
Accrued incentive compensation 31,500,000 29,500,000
Present value of operating lease liability 6,335,490 768,916
Deferred compensation 39,129,093 36,087,170
Total liabilities 82,564,514 71,777,540
Redeemable noncontrolling interest 246,008 0
Permanent Shareholders’ Equity    
Common shares, no par value: 7,000,000 shares authorized; 2,670,469 issued and outstanding at December 31, 2024 (inclusive of 173,120 unvested shares); 2,823,076 issued and outstanding at December 31, 2023 (inclusive of 190,172 unvested shares) 28,478,515 22,164,410
Preferred shares, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (15,833,657) (15,392,418)
Retained earnings 149,671,270 153,544,816
Total permanent shareholders’ equity 162,316,128 160,316,808
Total liabilities and shareholders’ equity $ 245,126,650 $ 232,094,348