The following table presents the components of general and administrative expense:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Professional fees	$	8,117,790	$	2,847,076	$	19,672,323	$	8,980,951
Travel and entertainment		1,075,555		1,178,017		2,719,165		1,871,657
Office costs		997,902		619,531		1,583,765		1,228,535
Occupancy		517,271		1,514,073		1,437,973		2,963,514
Information technology		761,856		643,044		1,477,802		1,302,971
Insurance		470,615		147,322		637,470		294,631
Other expenses		74,231		435,339		433,793		835,414
Dues & memberships		42,198		41,950		81,826		83,768
Total General and Administrative Expense	$	12,057,418	$	7,426,352	$	28,044,117	$	17,561,441

For the three and six months ended June 30, 2026, professional fees includes $5,100,408 and $11,687,816 (2025: $1,565,636 and $4,007,752) of expensed offering costs related to the Company’s IPO. The Company was not the direct recipient of any funds raised in the offering, so all related offering costs were expensed as they were incurred.