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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 $ (23,182,152) $ 5,821,988 $ 50,077,626
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Deferred tax expense (7,743,603) (1,083,233) (5,427,880)
Depreciation and amortization 3,506,395 2,778,476 1,423,830
Gain on forgiveness of accrued interest (1,414,529)
Non-cash loss on deconsolidation of subsidiaries 963,138
Provision for contingent liabilities 1,236,905 326,711 (252,949)
Provision for expected credit losses 332,076
Share-based compensation 32,587,611 29,411,885 30,022,322
Unrealized foreign exchange (gain) loss (419,753) 14,270 1,418,131
Net effect of changes in assets and liabilities:      
Net receivables from brokers, dealers and clearing organizations (202,094,775) (26,008,752) 1,561,079
Net customer receivables and customer payables 466,726,102 545,640,513 1,602,492
Customer-held fractional shares (62,723,702) (45,042,939) (485,890)
Prepaid expenses and other current assets 17,053,709 (27,617,754) (16,225,779)
Operating lease right-of-use assets (54,386,194) (819,913) (2,510,736)
Accounts payable and other accrued expenses 11,979,068 (13,754,009) (94,978,200)
Operating lease liabilities-current 1,495,760 963,137 1,025,006
Operating lease liabilities-non-current 847,942 (33,548) 1,989,338
Net cash provided by (used in) operating activities 185,215,389 470,596,832 (31,213,001)
Cash flows from investing activities:      
Purchase of property and equipment and intangible assets (2,412,229) (4,543,933) (31,550,704)
Proceeds from sale of investment securities 239,937
Purchases of investment securities (1,009,400)
Cash paid for acquisition, net of cash acquired (5,495,863) (109,163)
Net cash used in investing activities (2,412,229) (10,039,796) (32,429,330)
Cash flows from financing activities:      
Proceeds from issuance of preferred shares 40,297,282 20,000,000
Borrowing from revolving credit agreement 5,000,000
Principal payments made on revolving credit agreement (5,000,000)
Proceeds from exercise of options 48,991
Spin-off of subsidiary to shareholders (7,162,982)
Receipt of preferred shares subscription receivable 73,723,814
Payment of preferred share repurchase payable (55,000,006)
Receipt of ordinary shares subscription receivable 3,449
Repayment of loan (10,839,877)
Proceeds from exercise of preferred share warrant 10,000,000
Net cash provided by financing activities 40,346,273 12,837,018 17,887,380
Net increase (decrease) in cash, cash equivalents, segregated cash and cash of discontinued operations 223,149,433 473,394,054 (45,754,951)
Effect of exchange rate changes (7,331,739) 2,451,391 (5,447,352)
Cash, cash equivalents, segregated cash, and cash of discontinued operations at beginning of the year 994,142,467 518,297,022 569,499,325
Cash, cash equivalents, segregated cash, and cash of discontinued operations at end of the year 1,209,960,161 994,142,467 518,297,022
Cash, cash equivalents, segregated cash and cash of discontinued operations      
Cash and cash equivalents 270,728,008 372,340,353 436,219,931
Segregated cash 939,232,153 621,802,114 61,096,843
Cash of discontinued operations (Note 5) 20,980,248
Cash, cash equivalents, segregated cash and cash of discontinued operations at end of the year 1,209,960,161 994,142,467 518,297,022
Non-cash investing and financing activities:      
Accretion to preferred shares redemption value 495,088,038 340,080,000 51,409,749
Conversion of loan payable to noncontrolling interest 1,196,037
Note receivable issuance 2,852,106
Supplemental disclosure:      
Income taxes paid 15,965,370 19,474,921 55,169,843
Interest paid $ 26,042