| Schedule of Related Party Revenue and Expenses |
The following table presents
related party revenue and expenses for the three and six months ended June 30, 2025 and 2024 in connection with Apex Clearing.
| | |
| |
For
the Three Months
Ended June 30, | | |
For
the Six Months
Ended June 30, | |
| | |
| |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| Revenue earned from related parties | |
| |
| | | |
| | | |
| | | |
| | |
| Apex Clearing | |
(a) | |
$ | — | | |
$ | 8,079,110 | | |
$ | — | | |
$ | 34,538,949 | |
| Total related party revenue | |
| |
$ | — | | |
$ | 8,079,110 | | |
$ | — | | |
$ | 34,538,949 | |
| Expenses incurred from related parties | |
| |
| | | |
| | | |
| | | |
| | |
| Apex Clearing | |
(a) | |
$ | — | | |
$ | 3,999,669 | | |
$ | — | | |
$ | 14,285,014 | |
| Total related party expenses | |
| |
$ | — | | |
$ | 3,999,669 | | |
$ | — | | |
$ | 14,285,014 | |
| (a) | Apex Clearing is our clearing broker. Apex Clearing was considered a related party until May 9, 2024, the date Matthew Hulsizer resigned from our board of directors. We receive revenue from Apex Clearing that primarily represents interest and fully paid stock lending income derived from cash balances and positions on accounts we have introduced to Apex Clearing. Expenses primarily represent clearing costs. The revenue and expenses in the above table are through May 9, 2024, the date Apex Clearing was no longer determined to be a related party. |
|
The following table presents
related party revenue and expenses for the years ended December 31, 2024, 2023 and 2022, and related party receivables as of December
31, 2024, 2023 and 2022, in connection with Apex Clearing and Apex Crypto entities.
| Revenue earned from related parties | |
| | |
2024 | | |
2023 | | |
2022 | |
| Apex Clearing | |
| (a) | | |
$ | 34,538,949 | | |
$ | 151,034,036 | | |
$ | 109,116,706 | |
| Apex Crypto | |
| (b) | | |
| – | | |
| 2,159,091 | | |
| 16,491,869 | |
| Total related
party revenue | |
| | | |
$ | 34,538,949 | | |
$ | 153,193,127 | | |
$ | 125,608,575 | |
| | |
| | | |
| | | |
| | | |
| | |
| Expenses incurred from related parties | |
| | | |
| | | |
| | | |
| | |
| Apex Clearing | |
| (a) | | |
$ | 14,285,014 | | |
$ | 40,110,407 | | |
$ | 41,327,759 | |
| Apex Crypto | |
| (b) | | |
| – | | |
| 111,963 | | |
| 700,995 | |
| Total related
party expenses | |
| | | |
$ | 14,285,014 | | |
$ | 40,222,370 | | |
$ | 42,028,754 | |
| | |
| | | |
| | | |
| | | |
| | |
| Amounts due from related parties | |
| | | |
| | | |
| | | |
| | |
| Apex Clearing | |
| (a) | | |
$ | – | | |
$ | 45,804,660 | | |
$ | 14,502,535 | |
| Apex Crypto | |
| (b) | | |
| – | | |
| | | |
| 703,178 | |
| Total amount
due from related parties | |
| | | |
$ | – | | |
$ | 45,804,660 | | |
$ | 15,205,713 | |
| (a) | Apex Clearing is our clearing broker. Apex Clearing was considered a related party until May 9, 2024, the date Matthew Hulsizer resigned from our board of directors. We receive revenue from Apex Clearing that primarily represents interest and fully paid stock lending income derived from cash balances and positions on accounts we have introduced to Apex Clearing. Expenses primarily represent clearing costs. The revenue and expenses in the above table are through May 9, 2024, the date Apex Clearing was no longer determined to be a related party. As of December 2023, we were owed $45,804,660 from Apex Clearing. We have classified this receivable within receivables from brokers, dealers, and clearing organizations in our consolidated statements of financial position. | | | | | (b) | Represents the revenue and expenses of Webull Pay LLC prior to its spin-off and while Apex Crypto was considered a related party. Webull Pay LLC had a Software and Services Agreement with Apex Crypto whereby we earned fee revenue determined by a volume-based tiered pricing model based upon the notional value of the trading activity of our platform users that entered into digital-asset trading transactions with Apex Crypto. Expenses from Apex Crypto represent advertising and marketing expenses related to the Software and Services Agreement. We have classified the revenue and expenses within discontinued operations within our consolidated statements of operations and comprehensive (loss) income. |
|