v3.25.2
Operating Expenses
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Operating Expenses [Abstract]    
OPERATING EXPENSES

NOTE 13 — OPERATING EXPENSES

 

The following tables present a breakdown of our expense categories as presented within our condensed consolidated statements of operations and other comprehensive loss for the three and six months ended June 30, 2025 and 2024.

 

   For the Three Months Ended
June 30,		   For the Six Months, Ended
June 30,		 
   2025   2024   2025   2024 
Brokerage and Transaction:                
Clearing and operation cost  $22,489,442   $12,565,945   $37,267,389   $24,240,577 
Market and data fees   5,271,994    3,738,722    10,340,088    7,474,045 
Handling charge expense   7,039,280    2,658,562    10,438,695    5,181,451 
Total  $34,800,716   $18,963,229   $58,046,172   $36,896,073 
   For the Three Months Ended
June 30,		   For the Six Months, Ended
June 30,		 
   2025   2024   2025   2024 
Technology and Development:                
Employee compensation benefits  $13,602,455    9,991,185   $24,819,003   $19,895,969 
Cloud service fees   3,513,522    3,273,670    6,921,435    6,641,153 
System costs   2,024,472    1,735,291    4,324,903    3,353,106 
Total  $19,140,449   $15,000,146   $36,065,341   $29,890,228 
                     
Marketing and Branding                    
Advertising and promotions  $22,237,232    27,849,187   $40,441,568   $55,605,445 
Free stock promotions   4,828,103    3,773,825    8,588,422    8,584,785 
Employee compensation and benefits   3,235,499    1,559,500    4,261,882    3,006,347 
Total  $30,300,834   $33,182,512   $53,291,872   $67,196,577 
                     
General and Administrative                    
Employee compensation and benefits  $38,057,910    19,479,962   $61,044,723    40,626,381 
Compliance fees   1,824,891    4,453,301    3,319,827    7,229,836 
Office related   5,805,943    4,273,848    11,133,823    8,046,280 
Professional services   3,324,013    2,417,355    5,776,021    5,483,598 
Depreciation and amortization   1,371,063    777,680    2,153,929    1,702,140 
Other   592,904    213,809    1,169,121    436,561 
Total  $50,976,724   $31,615,955   $84,597,444   $63,524,796 

NOTE 21 — OPERATING EXPENSES

 

The following tables present a breakdown of our expense categories as presented within our consolidated statements of operations and other comprehensive (loss) income.

 

Brokerage and Transaction:

 

   2024   2023   2022 
Clearing and operation cost  $52,722,425   $43,833,078   $39,490,080 
Market and data fees   16,056,015    12,720,971    11,631,838 
Handling charge expense   10,528,178    9,864,869    8,642,199 
Total  $79,306,618   $66,418,918   $59,764,117 

 

Technology and Development:

 

   2024   2023   2022 
Employee compensation benefits  $43,399,693   $35,111,616   $34,381,625 
Cloud service fees   13,280,129    11,806,489    8,928,904 
System costs   7,160,641    5,238,363    3,462,585 
Total  $63,840,463   $52,156,468   $46,773,114 

 

Our research and development costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2024, 2023 and 2022 were $32,699,364, $31,955,946, and $28,120,179, respectively.

 

Marketing and Branding:

 

   2024   2023   2022 
Advertising and promotions  $108,190,912   $92,182,380   $92,412,497 
Free stock promotions   23,980,001    55,225,961    40,371,848 
Employee compensation and benefits   6,550,318    4,849,661    7,496,242 
Total  $138,721,231   $152,258,002   $140,280,587 

General and Administrative:

 

   2024   2023   2022 
Employee compensation and benefits  $77,187,479   $61,466,048   $45,543,590 
Compliance fees   11,212,942    8,740,324    7,457,835 
Office related   14,677,995    10,078,418    6,607,901 
Professional services   10,586,397    9,966,117    8,939,260 
Depreciation and amortization of right-of-use assets   6,669,419    4,675,664    3,500,581 
Other   2,380,396    863,232    911,042 
   $122,714,628   $95,789,803   $72,960,209