v3.25.2
Segment Reporting (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Schedule of Presents Significant Expenses Provided to the CODM

The following table presents significant expenses provided to the CODM 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 
Revenues                
Equity and option order flow rebates  $68,688,838   $43,316,935   $132,800,020   $87,229,052 
Interest related income   36,286,533    31,898,791    67,426,597    64,396,420 
Handling charge income   20,105,503    10,365,426    37,652,513    20,069,935 
Other revenues   6,412,476    4,314,736    10,983,055    7,136,201 
Total revenues   131,493,350    89,895,888    248,862,185    178,831,608 
Segment expenses                    
Brokerage and transaction   34,800,716    18,963,229    58,046,172    36,896,073 
Technology and development(1)   17,554,435    12,774,376    32,980,484    25,427,230 
Marketing and branding(1)   29,719,577    32,685,242    52,400,406    66,173,288 
General and administrative(1)   26,174,593    25,864,876    53,535,320    48,400,149 
Other segment items(2)   26,969,402    8,474,119    35,038,447    20,610,934 
Total operating expenses per condensed consolidated statements of operations and comprehensive loss   135,218,723    98,761,842    232,000,829    197,507,674 
Operating (loss) income   (3,725,373)   (8,865,954)   16,861,356    (18,676,066)
Other expense, net   17,659,796    1,416,988    18,749,213    1,443,480 
Provision for income taxes   6,999,777    1,397,200    13,558,002    4,112,661 
Net loss  $(28,384,946)  $(11,680,142)  $(15,445,859)  $(24,232,207)
(1)Excludes share-based compensation. See Note 9 for operating expense allocation.
(2)Other segment items represent share-based compensation.

The following table presents significant expenses provided to the CODM for the years ended December 31, 2024, 2023 and 2022.

 

   2024   2023   2022 
Revenues            
Equity and option order flow rebates  $197,069,562   $192,232,715   $278,981,134 
Interest related income   130,451,877    155,792,329    91,882,243 
Handling charge income   49,044,700    30,677,177    8,500,321 
Other revenues   13,663,533    10,900,349    8,969,222 
Total revenues   390,229,672    389,602,570    388,332,920 
Segment expenses               
Brokerage and transaction(1)   79,306,618    66,418,918    59,764,117 
Technology and development(1)   55,550,088    44,407,785    39,491,515 
Marketing and branding(1)   136,693,180    150,558,774    137,394,118 
General and administrative(1)   100,445,443    75,825,829    53,105,956 
Other segment items(2)   32,587,611    29,411,885    30,022,321 
Total operating expenses per consolidated statements of operations and comprehensive (loss) income   404,582,940    366,623,191    319,778,027 
Operating (loss) income   (14,353,268)   22,979,379    68,554,893 
Other (income) expense, net   (2,302,693)   2,801,285    2,869,397 
Provision for income taxes   13,823,355    16,140,571    32,211,527 
Income from discontinued operations, net of tax   2,691,778    1,784,465    16,603,657 
Net (loss) income  $(23,182,152)  $5,821,988   $50,077,626 

 

(1)Excludes share-based compensation. See Note 18 for operating expense allocation.
(2)Other segment items represent share-based compensation.
Schedule of Revenues, by Geographic Area from External Customers  

The following table presents our revenues, by geographic area, for the years ended December 31, 2024, 2023 and 2022 from external customers, excluding interest received on corporate bank deposits in the amount of $12,923,495, $14,833,038 and $4,325,689 for the years ended December 31, 2024, 2023 and 2022, respectively.

 

   2024   2023   2022 
Revenues:            
USA  $355,022,439   $363,746,474   $375,653,156 
Hong Kong   6,692,262    5,066,724    6,427,891 
Singapore   10,923,140    5,590,646    1,626,800 
Others   4,668,336    365,688    299,384 
Total  $377,306,177   $374,769,532   $384,007,231 
Schedule of Long-Lived Assets by Category and by Geographic Area  

The following table presents long-lived assets by category and by geographic area as of December 2024 and 2023.

 

   2024   2023 
Right-of-use assets:        
Mainland China  $56,198,584   $2,777,221 
USA   6,648,247    5,616,601 
Others   3,446,920    3,513,735 
Total  $66,293,751   $11,907,557 
           
Property and equipment, net:          
USA  $30,347,719   $30,611,515 
Others   3,282,051    3,686,868 
Total  $33,629,770   $34,298,383 
           
Intangible assets, net:          
Japan  $15,111,688   $16,693,046 
Indonesia   3,094,718    3,127,825 
Others   1,209,557    1,577,082 
Total  $19,415,963   $21,397,953 
           
Goodwill:          
Mexico  $5,197,438   $5,197,438