XML 20 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net (loss) income $ 61,353,928 $ 33,007,427 $ (2,256,880)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation 9,736,901 10,147,362 14,213,841
Depreciation and amortization 2,624,290 2,838,552 2,749,144
Unrealized fair value change of financial instruments held, at fair value (10,196,099) (16,142,109) 1,474,009
Loss (gain) from equity investments, including impairments (210,511) (6,889) 474,347
Allowance for doubtful accounts 14,292,716 363,417 464,114
Foreign currency exchange loss (gain) (4,060,340) 3,122,874 (2,419,693)
Deferred tax (benefit) expense 829,366 3,206,495 (1,264,080)
Interest expense from convertible bonds 2,617,706 2,550,208 2,486,151
Changes in operating assets and liabilities:      
Financial instruments held, at fair value 363,008,571 (249,167,561) (159,651,795)
Receivables from customers (313,904,166) (108,963,426) 19,787,135
Receivables from brokers, dealers and clearing organizations [1] (1,763,863,578) 415,068,652 (77,163,404)
Amounts due from/to related parties (18,006,726) 6,468,157 (3,399,187)
Prepaid expenses and other current assets 1,174,192 (4,719,181) 3,190,957
Operating lease right-of-use assets (1,812,788) 4,892,207 (7,346,572)
Other non-current assets (2,058,980) (550,983) 239,238
Payables to customers 661,344,567 (83,098,889) 486,912,633
Payables to brokers, dealers and clearing organizations [1] 1,799,997,770 (23,848,815) (32,217,431)
Accrued expenses and other current liabilities 24,786,008 4,604,199 4,017,887
Operating lease liabilities 1,145,234 (4,969,139) 8,177,202
Deferred income (819,809) (1,368,912) (407,017)
Net cash provided by (used in) operating activities 827,978,252 (6,566,354) 258,060,599
Cash flows from investing activities:      
Purchase of property, equipment and intangible assets (1,553,276) (2,764,030) (4,888,631)
Payment for long-term investments   (500,000) (243,289)
Payment for equity method investment (10,000,000)    
Purchase of term deposits (196,702) (4,225,412)  
Maturity of term deposits 2,816,941 74,679 2,072,574
Advances to employees 269,403 (342,686) (641,069)
Dividend received 6,889 6,889 88,414
Net cash used in investing activities (8,656,745) (7,750,560) (3,612,001)
Cash flows from financing activities:      
Proceeds received from redeemable non-controlling interests   1,680,036 4,356,074
Net proceeds received from follow-on public offering (net of offering cost of US$835,813) 103,742,312    
Capital contribution from non-controlling interests     7,850
Proceeds received from issuance of Class A Ordinary Shares upon settlement of share-based awards 85,110 140,383 366,537
Net cash provided by financing activities 103,827,422 1,820,419 4,730,461
Increase (decrease) in cash, cash equivalents and restricted cash 923,148,929 (12,496,495) 259,179,059
Effect of exchange rate changes (4,642,231) (3,478,233) (4,335,485)
Cash, cash equivalents and restricted cash at beginning of the year 1,939,753,801 1,955,728,529 1,700,884,955
Cash, cash equivalents and restricted cash at end of the year 2,858,260,499 1,939,753,801 1,955,728,529
Cash, cash equivalents and restricted cash:      
Cash and cash equivalents 393,576,874 322,599,616 277,660,847
Cash-segregated for regulatory purpose 2,464,683,625 1,617,154,185 1,678,067,682
Supplemental disclosure of cash flow information:      
Income taxes paid (net of refunds) $ 11,288,825 $ 13,324,309 $ 2,126,572
[1] Includes the following changes in operating assets and liabilities resulting from transactions with related parties for the years ended December 31, 2022, 2023 and 2024:

 

For the years ended December 31,

 

 

2022

 

 

2023

 

 

2024

 

 

US$

 

 

US$

 

 

US$

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Receivables from brokers, dealers and clearing organizations

 

 

54,299,601

 

 

 

 

 

 

 

Payables to brokers, dealers and clearing organizations

 

 

5,488,702