Convertible Redeemable Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2024

Convertible Redeemable Preferred Shares [Abstract]

Schedule of Authorized and Outstanding Shares of Convertible Redeemable Preferred Shares

The table below presents the number of authorized and outstanding shares of our various series convertible redeemable preferred shares as of December 31, 2024 and 2023.

	2024				2023
Series	Authorized		Issued and Outstanding		Authorized		Issued and Outstanding
A-1		16,518,502		15,181,000		16,518,502		15,181,000
A-2		14,244,000		14,244,000		14,244,000		14,244,000
A-3		3,536,099		2,828,899		3,536,099		2,828,899
B-1		13,111,999		13,111,999		13,111,999		13,111,999
B-2		9,090,900		9,090,900		9,090,900		9,090,900
B-3		2,100,000		2,100,000		2,100,000		2,100,000
C		13,684,800		13,684,800		13,684,800		13,684,800
D		15,000,000		12,963,577		15,000,000		11,747,760
		87,286,300		83,205,175		87,286,300		81,989,358

Schedule of Convertible Redeemable Preferred Shares

The following table provides a breakdown of our various series of convertible redeemable preferred shares that are aggregated on our consolidated statements of financial position as well as presents the activity for the year ended December 31, 2022, 2023 and 2024.

	Series A-1 Preferred Shares					Series A-2 Preferred Shares					Series A-3 Preferred Shares					Series B-1 Preferred Shares					Series B-2 Preferred Shares
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Beginning balances as of January 1, 2022		15,181,000	$	323,106,619			14,244,000	$	304,421,139			2,828,899	$	60,508,715			13,111,999	$	284,731,410			9,090,900	$	201,638,532
Issuance of Preferred Shares		–		–			–		–			–		–			–		–			–		–
Receipt of subscription receivable		–		–			–		–			–		–			–		–			–		–
Preferred Shares redemption value accretion		–		(21,004,739	)		–		(16,265,019	)		–		(3,082,066	)		–		(3,347,911	)		–		6,724,896
Balances as of December 31, 2022		15,181,000	$	302,101,880			14,244,000	$	288,156,120			2,828,899	$	57,426,649			13,111,999	$	281,383,499			9,090,900	$	208,363,428
Issuance of Preferred Shares		–		–			–		–			–		–			–		–			–		–
Preferred Shares redemption value accretion		–		50,400,940			–		46,008,120			–		9,052,478			–		37,500,317			–		21,909,069
Balances as of December 31, 2023		15,181,000	$	352,502,820			14,244,000	$	334,164,240			2,828,899	$	66,479,127			13,111,999	$	318,883,816			9,090,900	$	230,272,497
Issuance of Preferred Shares		–		–			–		–			–		–			–		–			–		–
Preferred Shares redemption value accretion		–		132,985,560			–		122,213,520			–		24,187,086			–		104,371,512			–		65,636,298
Balances as of December 31, 2024		15,181,000	$	485,488,380			14,244,000	$	456,377,760			2,828,899	$	90,666,213			13,111,999	$	423,255,328			9,090,900	$	295,908,795

	Series B-3 Preferred Shares				Series C Preferred Shares				Series D Preferred Shares					Series A-1 thru B-2 Subscription			Total Preferred Shares
	Shares		Amount		Shares		Amount		Shares		Amount			Receivable			Shares		Amount
Beginning balances as of January 1, 2022		–	$	–		13,684,800	$	325,277,607		11,144,336	$	405,189,642		$	(73,723,814	)		79,285,934		1,831,149,850
Issuance of Preferred Shares		2,100,000		10,000,000		–		–		–		–			–			2,100,000		10,000,000
Receipt of subscription receivable		–		–		–		–		–		–			73,723,814			–		73,723,814
Preferred Shares redemption value accretion		–		40,379,000		–		46,538,409		–		1,467,179			–			–		51,409,749
Balances as of December 31, 2022		2,100,000	$	50,379,000		13,684,800	$	371,816,016		11,144,336	$	406,656,821		$	–			81,385,934	$	1,966,283,413
Issuance of Preferred Shares		–		–		–				603,424		20,000,000			–			603,424		20,000,000
Preferred Shares redemption value accretion		–		5,586,000		–		23,811,552		–		145,811,524			–			–		340,080,000
Balances as of December 31, 2023		2,100,000	$	55,965,000		13,684,800	$	395,627,568		11,747,760	$	572,468,345		$	–			81,989,358	$	2,326,363,413
Issuance of Preferred Shares		–		–		–		–		1,215,817		40,297,282			–			1,215,817		40,297,282
Preferred Shares redemption value accretion		–		12,810,000		–		62,950,080		–		(30,066,018	)		–			–		495,088,038
Balances as of December 31, 2024		2,100,000	$	68,775,000		13,684,800	$	458,577,648		12,963,577	$	582,699,609		$	–			83,205,175	$	2,861,748,733

Schedule of Aggregate Preferred Shares Series

The following presents the aggregate and per share redemption value of each preferred share series as of December 31, 2024 and 2023:

	2024				2023
Series	Total		Per Share		Total		Per Share
A-1	$	485,488,380	$	31.98	$	352,502,820	$	23.22
A-2		456,377,760	$	32.04		334,164,240	$	23.46
A-3		90,666,213	$	32.05		66,479,127	$	23.50
B-1		423,255,328	$	32.28		318,883,816	$	24.32
B-2		295,908,795	$	32.55		230,272,497	$	25.33
B-3		68,775,000	$	32.75		55,965,000	$	26.65
C		458,577,648	$	33.51		395,627,568	$	28.91
D		582,699,609	$	44.95		572,468,345	$	48.73
	$	2,861,748,733			$	2,326,363,413

Schedule of Liquidation Preferences of Preferred Shares

The following presents the liquidation preferences of our preferred shares by series as of December 31, 2024 and 2023:

As of December 31, 2024
Series	Outstanding Shares		Original Issue Price		Liquidation Multiplier		Liquidation Preference
A-1		15,181,000	$	0.45		1.2	$	8,197,740
A-2		14,244,000	$	0.91		1.0		12,962,040
A-3		2,828,899	$	0.97		1.0		2,744,032
B-1		13,111,999	$	2.29		1.0		30,026,478
B-2		9,090,900	$	3.85		1.0		34,999,965
B-3		2,100,000	$	5.00		1.0		10,500,000
C		13,684,800	$	8.41		1.0		115,089,168
D		12,963,577	$	33.14		1.0		429,612,942
Aggregate liquidation preference							$	644,132,365

As of December 31, 2023
Series	Outstanding Shares		Original Issue Price		Liquidation Multiplier		Liquidation Preference
A-1		15,181,000	$	0.46		1.2	$	8,379,912
A-2		14,244,000	$	0.94		1.0		13,389,360
A-3		2,828,899	$	0.99		1.0		2,800,610
B-1		13,111,999	$	2.29		1.0		30,026,477
B-2		9,090,900	$	3.85		1.0		34,999,965
B-3		2,100,000	$	5.00		1.0		10,500,000
C		13,684,800	$	8.41		1.0		115,089,168
D		11,747,760	$	33.14		1.0		389,320,766
Aggregate liquidation preference							$	604,506,258