XML 24 R4.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Total revenues $ 225,365,547 $ 264,488,162 $ 138,496,690
Interest expense (18,668,523) (18,378,823) (10,102,290)
Total Net Revenues 206,697,024 246,109,339 128,394,400
Operating cost and expenses:      
Execution and clearing (15,607,914) (31,143,578) (12,645,113)
Employee compensation and benefits (including share-based compensation of US$6,054,612, US$13,370,377 and US$14,213,841 for the years ended December 31, 2020, 2021 and 2022, respectively) (101,749,440) (87,160,214) (50,039,073)
Occupancy, depreciation and amortization (9,013,467) (6,134,991) (4,735,881)
Communication and market data (27,138,244) (22,121,263) (10,320,505)
Marketing and branding (33,121,767) (59,264,634) (15,871,777)
General and administrative (18,332,557) (22,705,839) (13,748,818)
Total operating cost and expenses (204,963,389) (228,530,519) (107,361,167)
Other income (expenses):      
Fair value change from convertible bonds   4,194,848  
Others, net 298,150 (2,719,196) 996,559
Income before income taxes 2,031,785 19,054,472 22,029,792
Income tax expense (4,288,665) (4,363,771) (2,850,547)
Net income (loss) (2,256,880) 14,690,701 19,179,245
Less:      
Net income attributable to redeemable non-controlling interests     3,114,452
Net income attributable to non-controlling interests (129,215)    
Accretion of Redeemable Non-controlling Interests to Redemption Value (58,776)    
Net income (loss) attributable to ordinary shareholders of UP Fintech $ (2,186,441) $ 14,690,701 $ 16,064,793
Net income (loss) per share attributable to ordinary shareholders of UP Fintech:      
Basic $ 0.00 $ 0.01 $ 0.01
Diluted $ 0.00 $ 0.01 $ 0.01
Weighted average shares used in calculating net income (loss) per ordinary share:      
Basic 2,295,154,791 2,205,186,257 2,117,904,025
Diluted 2,295,154,791 2,335,717,204 2,162,232,325
Other comprehensive income (loss), net of tax:      
Unrealized gain (loss) on available-for-sale securities (net of tax effect of US$6,284, nil and US$88,563 for the years ended December 31, 2020, 2021 and 2022, respectively) $ (768,590) $ 1,899,605 $ 41,149
Change in cumulative foreign currency translation adjustment (8,130,208) 1,839,022 3,752,464
Total Comprehensive income (loss) (11,155,678) 18,429,328 22,972,858
Total Comprehensive income attributable to redeemable non-controlling interests     3,114,452
Total Comprehensive loss attributable to non-controlling interests (130,783)    
Accretion of redeemable non-controlling interests to redemption value (58,776)    
Total Comprehensive income (loss) attributable to ordinary shareholders of UP Fintech (11,083,671) 18,429,328 19,858,406
Commissions      
Revenues:      
Revenues 108,118,464 147,198,648 77,628,521
Financing service fees      
Revenues:      
Revenues 7,903,057 9,268,819 6,576,622
Interest income      
Revenues:      
Revenues 85,150,424 70,335,156 31,754,541
Other revenues      
Revenues:      
Revenues $ 24,193,602 $ 37,685,539 $ 22,537,006