Operating Expenses

12 Months Ended

Dec. 31, 2024

Operating Expenses [Abstract]

OPERATING EXPENSES

NOTE 21 — OPERATING EXPENSES

The following tables present a breakdown of our expense categories as presented within our consolidated statements of operations and other comprehensive (loss) income.

Brokerage and Transaction:

	2024		2023		2022
Clearing and operation cost	$	52,722,425	$	43,833,078	$	39,490,080
Market and data fees		16,056,015		12,720,971		11,631,838
Handling charge expense		10,528,178		9,864,869		8,642,199
Total	$	79,306,618	$	66,418,918	$	59,764,117

Technology and Development:

	2024		2023		2022
Employee compensation benefits	$	43,399,693	$	35,111,616	$	34,381,625
Cloud service fees		13,280,129		11,806,489		8,928,904
System costs		7,160,641		5,238,363		3,462,585
Total	$	63,840,463	$	52,156,468	$	46,773,114

Our research and development costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2024, 2023 and 2022 were $32,699,364, $31,955,946, and $28,120,179, respectively.

Marketing and Branding:

	2024		2023		2022
Advertising and promotions	$	108,190,912	$	92,182,380	$	92,412,497
Free stock promotions		23,980,001		55,225,961		40,371,848
Employee compensation and benefits		6,550,318		4,849,661		7,496,242
Total	$	138,721,231	$	152,258,002	$	140,280,587

General and Administrative:

	2024		2023		2022
Employee compensation and benefits	$	77,187,479	$	61,466,048	$	45,543,590
Compliance fees		11,212,942		8,740,324		7,457,835
Office related		14,677,995		10,078,418		6,607,901
Professional services		10,586,397		9,966,117		8,939,260
Depreciation and amortization of right-of-use assets		6,669,419		4,675,664		3,500,581
Other		2,380,396		863,232		911,042
	$	122,714,628	$	95,789,803	$	72,960,209