v3.25.4

Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2025
Segment and Geographic Information [Abstract] |
Segment and Geographic Information |
20. | Segment and Geographic Information
The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis to make decisions regarding how to allocate resources and assess performance. The CODM assesses performance and decides how to allocate resources based on net loss and is reported on the consolidated statements of operations as consolidated net loss. Net loss is used to monitor budget versus actual results in an effort to refine forecasts, control costs, and pricing strategies. The CODM does not evaluate operating segments using asset information. The following presents selected financial information with respect to the Company’s single operating segment:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Revenues |  | $ | 100,622,320 |  |  | $ | 95,488,190 |
Expenses |  |  |  |  |  |  |  |
Programming and content |  | $ | 86,377,511 |  |  | $ | 120,071,966 |
Other cost of services |  |  | 21,006,322 |  |  |  | 18,400,300 |
General and administrative |  |  | 48,738,522 |  |  |  | 36,646,307 |
Research and development |  |  | 18,743,630 |  |  |  | 18,923,319 |
Sales and marketing |  |  | 23,892,235 |  |  |  | 17,330,925 |
Acquisition-related transaction costs |  |  | 13,303,532 |  |  |  | - |
Amortization and depreciation |  |  | 14,564,535 |  |  |  | 13,614,587 |
Change in fair value of digital assets |  |  | 649,638 |  |  |  | - |
Change in fair value of contingent consideration |  |  | - |  |  |  | 1,354,357 |
Total expenses |  |  | 227,275,925 |  |  |  | 226,341,761 |
Loss from operations |  |  | (126,653,605 | ) |  |  | (130,853,571 | )
Interest income |  |  | 10,419,139 |  |  |  | 8,083,903 |
Other expense |  |  | (10,643 | ) |  |  | (207,431 | )
Change in fair value of warrant liability |  |  | 24,781,975 |  |  |  | (32,694,697 | )
Change in fair value of derivative |  |  | 9,700,000 |  |  |  | (184,699,998 | )
Loss before income taxes |  |  | (81,763,134 | ) |  |  | (340,371,794 | )
Income tax (expense) benefit |  |  | (67,228 | ) |  |  | 2,009,015 |
Net loss |  | $ | (81,830,362 | ) |  | $ | (338,362,779 | )
The following presents revenue by geographic region:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 90,893,137 |  |  | $ | 89,094,815 |
Canada |  |  | 1,175,959 |  |  |  | 1,928,280 |
Other |  |  | 8,553,224 |  |  |  | 4,465,095 |
|  | $ | 100,622,320 |  |  | $ | 95,488,190 |
The Company tracks assets by physical location. Long-lived assets consist of property and equipment, net, and right-of-use assets, net, as shown below:
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 16,611,488 |  |  | $ | 18,315,173 |
Canada |  |  | 1,435,911 |  |  |  | 506,003 |
|  | $ | 18,047,399 |  |  | $ | 18,821,176 |

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