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Consolidated Balance Sheets - USD ($)
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 43,019,333 $ 41,624,604
Investments 174,691,493 159,752,981
Accounts receivable 19,157,138 20,205,678
Prepaid expenses 3,515,220 3,694,019
Income taxes receivable 0 1,550,718
Property and equipment, net of depreciation 9,692,874 8,380,594
Deferred taxes 6,191,252 9,918,056
Total assets 256,267,310 245,126,650
Liabilities    
Accounts payable and accrued expenses 7,577,132 5,599,931
Accrued incentive compensation 20,538,686 31,500,000
Income taxes payable 149,218 0
Lease liability 6,495,725 6,335,490
Deferred compensation 40,544,053 39,129,093
Total liabilities 75,304,814 82,564,514
Redeemable noncontrolling interest 17,540 246,008
Permanent Shareholders’ Equity    
Common shares, no par value: 7,000,000 shares authorized; 2,723,160 issued and outstanding at September 30, 2025 (inclusive of 275,933 unvested shares); 2,670,469 issued and outstanding at December 31, 2024 (inclusive of 173,120 unvested shares) 51,380,481 28,478,515
Preferred shares, undesignated: 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (32,762,540) (15,833,657)
Retained earnings 162,327,015 149,671,270
Total permanent shareholders’ equity 180,944,956 162,316,128
Total liabilities and shareholders’ equity $ 256,267,310 $ 245,126,650