Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 27 — SEGMENT REPORTING

We operate as a single reportable segment. This determination is based upon the financial information reviewed by our Chief Operating Decision Maker (“CODM”). Our CODM is our management committee, which is comprised of the Company’s Chief Executive Officer, President and Chief Financial Officer who collectively assess the performance of the Company and allocate resources across the Company. The internal reporting used collectively by the management committee is presented on a consolidated basis. The accounting policies of the segment are the same as those described in Note 2. The CODM evaluates the Company’s performance and allocates resources based upon consolidated business metrics, including not limited to registered users, funded accounts, equity notional volume and option contract volume, and financial metrics, which include consolidated revenue, adjusted operating income, adjusted net income and consolidated total assets. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations and comprehensive (loss) income.

The following table presents significant expenses provided to the CODM for the years ended December 31, 2024, 2023 and 2022.

	2024			2023		2022
Revenues
Equity and option order flow rebates	$	197,069,562		$	192,232,715	$	278,981,134
Interest related income		130,451,877			155,792,329		91,882,243
Handling charge income		49,044,700			30,677,177		8,500,321
Other revenues		13,663,533			10,900,349		8,969,222
Total revenues		390,229,672			389,602,570		388,332,920
Segment expenses
Brokerage and transaction(1)		79,306,618			66,418,918		59,764,117
Technology and development(1)		55,550,088			44,407,785		39,491,515
Marketing and branding(1)		136,693,180			150,558,774		137,394,118
General and administrative(1)		100,445,443			75,825,829		53,105,956
Other segment items(2)		32,587,611			29,411,885		30,022,321
Total operating expenses per consolidated statements of operations and comprehensive (loss) income		404,582,940			366,623,191		319,778,027
Operating (loss) income		(14,353,268	)		22,979,379		68,554,893
Other (income) expense, net		(2,302,693	)		2,801,285		2,869,397
Provision for income taxes		13,823,355			16,140,571		32,211,527
Income from discontinued operations, net of tax		2,691,778			1,784,465		16,603,657
Net (loss) income	$	(23,182,152	)	$	5,821,988	$	50,077,626

(1) Excludes share-based compensation. See Note 18 for operating expense allocation.

(2) Other segment items represent share-based compensation.

As we are a single segment entity, the significant segment expenses required to be disclosed under ASC 280 are presented throughout the consolidated financial statements including the consolidated statements of operations and comprehensive (loss) income, consolidated statements of cash flows, Note 20 – Revenues and Note 21 – Expenses.

Our single segment total assets are equivalent to our total consolidated assets as reported on our consolidated statements of financial position.

Geographic Area Information

The following table presents our revenues, by geographic area, for the years ended December 31, 2024, 2023 and 2022 from external customers, excluding interest received on corporate bank deposits in the amount of $12,923,495, $14,833,038 and $4,325,689 for the years ended December 31, 2024, 2023 and 2022, respectively.

	2024		2023		2022
Revenues:
USA	$	355,022,439	$	363,746,474	$	375,653,156
Hong Kong		6,692,262		5,066,724		6,427,891
Singapore		10,923,140		5,590,646		1,626,800
Others		4,668,336		365,688		299,384
Total	$	377,306,177	$	374,769,532	$	384,007,231

The following table presents long-lived assets by category and by geographic area as of December 2024 and 2023.

	2024		2023
Right-of-use assets:
Mainland China	$	56,198,584	$	2,777,221
USA		6,648,247		5,616,601
Others		3,446,920		3,513,735
Total	$	66,293,751	$	11,907,557
Property and equipment, net:
USA	$	30,347,719	$	30,611,515
Others		3,282,051		3,686,868
Total	$	33,629,770	$	34,298,383
Intangible assets, net:
Japan	$	15,111,688	$	16,693,046
Indonesia		3,094,718		3,127,825
Others		1,209,557		1,577,082
Total	$	19,415,963	$	21,397,953
Goodwill:
Mexico	$	5,197,438	$	5,197,438