XML 8 R4.htm IDEA: XBRL DOCUMENT v3.24.3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenues:    
Total revenues [1] $ 166,385,500 $ 132,380,424
Interest expense (28,371,816) (18,831,305)
Total net revenues 138,013,684 113,549,119
Operating cost and expenses:    
Execution and clearing (5,037,869) (4,467,162)
Employee compensation and benefits (56,432,447) (48,315,075)
Occupancy, depreciation and amortization (4,254,025) (4,961,362)
Communication and market data [1] (17,374,887) (14,720,003)
Marketing and branding (10,798,731) (9,905,192)
General and administrative (25,913,265) (9,049,772)
Total operating cost and expenses (119,811,224) (91,418,566)
Other income:    
Others, net 5,020,232 8,087,095
Income before income taxes 23,222,692 30,217,648
Income tax expense (8,014,557) (8,894,968)
Net income 15,208,135 21,322,680
Less: net loss attributable to non-controlling interests (20,393) (75,442)
Accretion of Redeemable Non-controlling Interests to Redemption Value (305,159) (248,863)
Net income attributable to ordinary shareholders of UP Fintech $ 14,923,369 $ 21,149,259
Net income per share attributable to ordinary shareholders of UP Fintech:    
Basic $ 0.006 $ 0.009
Diluted $ 0.006 $ 0.009
Weighted average shares used in calculating net income per ordinary share:    
Basic 2,348,450,793 2,317,687,839
Diluted 2,371,490,247 2,413,294,307
Other comprehensive loss, net of tax:    
Change in cumulative foreign currency translation adjustment $ (7,700,848) $ (6,136,206)
Total Comprehensive income 7,507,287 15,186,474
Less: comprehensive loss attributable to non-controlling interests (14,082) (64,296)
Accretion of redeemable non-controlling interests to redemption value (305,159) (248,863)
Total Comprehensive income attributable to ordinary shareholders of UP Fintech 7,216,210 15,001,907
Commissions    
Revenues:    
Revenues [1] 61,872,996 47,450,496
Financing service fees    
Revenues:    
Revenues [1] 5,737,263 5,696,169
Interest income    
Revenues:    
Revenues [1] 88,035,169 71,036,277
Other revenues    
Revenues:    
Revenues [1] $ 10,740,072 $ 8,197,482
[1] Includes the following revenues, costs and expenses resulting from transactions with related parties for the six months ended June 30, 2023 and 2024 (Note 16):

 

 

For the six months ended June 30,

 

 

2023

 

 

2024

 

 

US$

 

 

US$

 

Commissions

 

 

2,979

 

 

 

80,878

 

Interest related income

 

 

 

 

 

 

Interest income

 

 

75,264

 

 

 

1,256,076

 

Communication and market data

 

 

(70,980

)

 

 

(66,150

)