XML 17 R3.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 25,140,171 $ 41,624,604
Investments 158,809,737 159,752,981
Accounts receivable 18,958,638 20,205,678
Prepaid expenses 3,835,090 3,694,019
Income taxes receivable 0 1,550,718
Property and equipment, net of depreciation 8,658,125 8,380,594
Deferred taxes 9,035,628 9,918,056
Total assets 224,437,389 245,126,650
Liabilities    
Accounts payable and accrued expenses 5,839,297 5,599,931
Accrued incentive compensation 6,764,895 31,500,000
Income taxes payable 1,142,734 0
Present value of operating lease liability 6,281,315 6,335,490
Deferred compensation 35,450,642 39,129,093
Total liabilities 55,478,883 82,564,514
Redeemable noncontrolling interest 404,837 246,008
Permanent Shareholders’ Equity    
Common shares, no par value: 7,000,000 shares authorized; 2,774,649 issued and outstanding at March 31, 2025 (inclusive of 291,053 unvested shares); 2,670,469 issued and outstanding at December 31, 2024 (inclusive of 173,120 unvested shares) 47,756,059 28,478,515
Preferred shares, undesignated: 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (31,423,253) (15,833,657)
Retained earnings 152,220,863 149,671,270
Total permanent shareholders’ equity 168,553,669 162,316,128
Total liabilities and shareholders’ equity $ 224,437,389 $ 245,126,650