Acquisition of MPC Capital (Tables)

12 Months Ended

Dec. 31, 2025

Acquisition of MPC Capital [Abstract]

Allocation of Purchase Price for MPC Capital

The following table summarizes the preliminary and final allocation of the fair value of MPC Capital’s assets, liabilities and noncontrolling interest as at December 16, 2024:

Assets acquired	Preliminary acquisition price allocation		Final acquisition price allocation		Adjustment
Cash and cash equivalents	$	28,026,596		28,026,596
Account receivable trade, net		3,365,268		3,365,268
Due from related parties		9,779,850		8,858,760		(921,090	)
Prepaid expenses and other assets		912,152		912,152
Income tax receivable		11,941,846		11,941,846
Assets held for sale		35,246,768		35,246,768
Derivative Assets		1,297,985		1,297,985
Property and equipment, net		2,075,104		2,075,104
Operating lease right-of-use assets		7,882,948		7,882,948
Intangible assets, net		19,574,760		20,505,211		930,451
Goodwill		18,079,618		18,372,217		292,599
Equity method investments		50,920,542		50,920,542
Equity method investments measured at fair value		113,694,883		113,694,883
Equity investments		5,228,041		5,228,041
Prepaid expenses and other assets		205,824		205,824
Deferred tax assets		1,841,537		1,841,537
Total assets acquired		310,073,722		310,375,682		301,960
Liabilities assumed
Current portion of long-term debt, net		1,061,812		1,061,812
Accounts payable		616,988		616,988
Accrued liabilities		15,123,454		15,123,454
Due to related parties		203,177		203,177
Liabilities directly associated with assets held for sale		18,065,703		18,065,703
Derivative liabilities		1,520,984		1,520,984
Income tax payable		7,062,263		7,062,263
Operating lease liabilities		1,064,277		1,064,277
Long-term debt, net		2,625,300		2,625,300
Accrued liabilities		167,522		167,522
Operating lease liabilities		6,818,672		6,818,672
Deferred tax liabilities		8,142,701		8,444,661		301,960
Total liabilities assumed		62,472,853		62,774,813		301,960
Noncontrolling interests		55,623,553		55,623,553
Assets acquired less liabilities assumed and noncontrolling interests	$	191,977,316		191,977,316

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2025 are as follows.

Balance as of December 16, 2024	$	18,079,618
Net exchange differences during the period		(147,375	)
Balance as of December 31, 2024		17,932,243
Reclassification of goodwill included in assets held for sale		3,238,569
Finalization purchase price allocation		292,599
Net exchange differences during the period		2,663,413
Balance as of December 31, 2025	$	24,126,824