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SEGMENT DATA
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT DATA

NOTE 11 – 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 for the three months ended March 31, 2025 and 2024 is as follows:

 

   Telehealth   WorkSimpli   Consolidated 
   Three Months Ended March 31, 2025 
   Telehealth   WorkSimpli   Consolidated 
Revenue, net  $52,456,481   $13,241,275   $65,697,756 
Cost of revenue   8,136,462    507,254    8,643,716 
Gross profit   44,320,019    12,734,021    57,054,040 
Significant Segment Expenses:               
Selling and marketing expenses   22,272,922    6,921,139    29,194,061 
Payroll expenses   8,218,051    628,665    8,846,716 
Merchant processing fees   2,011,448    785,998    2,797,446 
Other general and administrative expenses   7,190,795    1,276,439    8,467,234 
Other segment items(1)   4,239,938    965,721    5,205,659 
Segment operating income  $386,865   $2,156,059   $2,542,924 
Interest expense, net   (463,638)   (162,637)   (626,275)
Net (loss) income  $(76,773)  $1,993,422   $1,916,649 

 

   Telehealth   WorkSimpli   Consolidated 
   Three Months Ended March 31, 2024 
   Telehealth   WorkSimpli   Consolidated 
Revenue, net  $30,841,402   $13,302,862   $44,144,264 
Cost of revenue   4,194,595    405,582    4,600,177 
Gross profit   26,646,807    12,897,280    39,544,087 
Significant Segment Expenses:               
Selling and marketing expenses   16,066,559    8,107,321    24,173,880 
Payroll expenses   5,691,930    1,410,402    7,102,332 
Merchant processing fees   1,279,126    828,715    2,107,841 
Other general and administrative expenses   6,335,094    1,352,470    7,687,564 
Other segment items(1)   3,893,861    749,854    4,643,715 
Segment operating (loss) income  $(6,619,763)  $448,518   $(6,171,245)
Interest expense, net   (476,807)   (871)   (477,678)
Net (loss) income  $(7,096,570)  $447,647   $(6,648,923)

 

(1) Other segment items include stock-based compensation and depreciation and amortization. Stock-based compensation expense for our Telehealth segment was $2.5 million for both the three months ended March 31, 2025 and 2024. Depreciation and amortization for our Telehealth segment was $1.7 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively, and for our WorkSimpli segment was $966 thousand and $750 thousand for the three months ended March 31, 2025 and 2024, respectively.

 

 

Total Assets  March 31, 2025   December 31, 2024 
Telehealth  $63,669,612   $62,340,390 
WorkSimpli   9,944,721    10,119,636 
Consolidated  $73,614,333   $72,460,026 

 

Total expenditures for purchases of capitalized software, equipment, and intangible assets, which are reported on the Company’s unaudited condensed consolidated statements of cash flows totaled $2.0 million and $1.4 million for our Telehealth segment during the three months ended March 31, 2025 and 2024, respectively, and $863 thousand and $802 thousand for our WorkSimpli segment during the three months ended March 31, 2025 and 2024, respectively.

 

International net revenues totaled $4.1 million and $3.5 million for the three months ending March 31, 2025 and 2024, respectively, and relate to our WorkSimpli segment.