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SEGMENT DATA
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT DATA

NOTE 13 – SEGMENT DATA

 

Our portfolio of brands are included within two operating segments: Telehealth and WorkSimpli. Our CODM, is our Chief Executive Officer. The CODM uses segment operating income or loss to determine segment profitability in order to assess performance and allocate resources for the Company’s operating segments based on monitoring of budgeted versus actual results.

 

 

Relevant segment data as of December 31, 2024 and December 31, 2023 is as follows:

SCHEDULE OF RELEVANT SEGMENT DATA   

          
   Year Ended December 31, 2024 
   Telehealth   WorkSimpli   Consolidated 
Revenue, net  $158,438,631   $54,015,207   $212,453,838 
Cost of revenue   21,440,799    2,627,680    24,068,479 
Gross profit   136,997,832    51,387,527    188,385,359 
Significant Segment Expenses:               
Selling and marketing expenses   70,102,961    32,917,064    103,020,025 
Payroll expenses   30,486,701    3,015,136    33,501,837 
Merchant processing fees   7,188,539    3,245,429    10,433,968 
Other general and administrative expenses   27,582,905    8,264,986    35,847,891 
Other segment items(1)   18,424,159    3,302,160    21,726,319 
Segment operating (loss) income  $(16,787,433)  $642,752   $(16,144,681)
Interest expense, net   (2,175,405)   (6,412)   (2,181,817)
(Loss) income from operations before income taxes  $(18,962,838)  $636,340   $(18,326,498)

 

          
   Year Ended December 31, 2023 
   Telehealth   WorkSimpli   Consolidated 
Revenue, net  $98,152,919   $54,394,087   $152,547,006 
Cost of revenue   17,480,533    1,419,931    18,900,464 
Gross profit   80,672,386    52,974,156    133,646,542 
Significant Segment Expenses:               
Selling and marketing expenses   48,589,567    27,861,899    76,451,466 
Payroll expenses   19,370,268    1,986,775    21,357,043 
Merchant processing fees   3,054,336    3,551,247    6,605,583 
Other general and administrative expenses   18,140,721    6,491,433    24,632,154 
Other segment items(1)   16,778,515    2,311,054    19,089,569 
Segment operating (loss) income  $(25,261,021)  $10,771,748   $(14,489,273)
Interest expense, net   (2,591,416)   (5,170)   (2,596,586)
Loss on debt extinguishment   (325,198)   -    (325,198)
(Loss) income from operations before income taxes  $(28,177,635)  $10,766,578   $(17,411,057)

 

(1) Other segment items include stock-based compensation and depreciation and amortization. Stock-based compensation expense for our Telehealth segment was $12.2 million and $12.5 million for the years ended December 31, 2024 and 2023, respectively. Depreciation and amortization for our Telehealth segment was $6.2 million and $4.3 million for the years ended December 31, 2024 and 2023, respectively, and for our WorkSimpli segment was $3.3 million and $2.3 million, respectively.

 

       
   December 31, 
Total Assets  2024   2023 
Telehealth  $62,340,390   $48,126,006 
WorkSimpli   10,119,636    10,354,703 
Consolidated  $72,460,026   $58,480,709 

 

Total expenditures for purchases of capitalized software, equipment, and intangible assets, which are reported on the Company’s consolidated statements of cash flows totaled $8.2 million and $5.4 million for our Telehealth segment during the years ended December 31, 2024 and 2023, respectively, and $3.3 million and $3.3 million for our WorkSimpli segment during the years ended December 31, 2024 and 2023, respectively.

 

International net revenues totaled $14.9 million and $14.0 million for the years ended December 31, 2024 and 2023, respectively, and relate to our WorkSimpli segment.