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SEGMENT DATA
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT DATA

NOTE 12 – 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 and six months ended June 30, 2025 and 2024 is as follows:



 

   2025   2024   2025   2024 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2025   2024   2025   2024 
Telehealth                
Revenue, net  $48,563,672   $37,432,309   $101,020,153   $68,273,711 
Cost of revenue   6,838,703    4,553,843    14,975,164    8,748,438 
Gross profit   41,724,969    32,878,466    86,044,989    59,525,273 
Significant Segment Expenses:                    
Selling and marketing expenses   22,151,114    18,096,178    44,424,036    34,162,737 
Payroll expenses   7,078,151    7,320,255    15,296,201    13,012,185 
Merchant processing fees   2,078,119    1,756,730    4,089,568    3,035,856 
Other general and administrative expenses   9,339,724    6,479,113    16,530,520    12,814,209 
Other segment items(1)   3,879,958    5,676,872    8,119,895    9,570,732 
Segment operating loss  $(2,802,097)  $(6,450,682)  $(2,415,231)  $(13,070,446)
Interest expense, net   (660,787)   (531,050)   (1,124,425)   (1,007,857)
Net loss  $(3,462,884)  $(6,981,732)  $(3,539,656)  $(14,078,303)
WorkSimpli                    
Revenue, net  $13,654,513   $13,229,536   $26,895,788   $26,532,398 
Cost of revenue   592,201    471,072    1,099,456    876,654 
Gross profit   13,062,312    12,758,464    25,796,332    25,655,744 
Significant Segment Expenses:                    
Selling and marketing expenses   6,973,983    8,282,750    13,895,122    16,390,071 
Payroll expenses   766,997    986,386    1,395,662    2,396,788 
Merchant processing fees   847,990    778,539    1,633,988    1,607,253 
Other general and administrative expenses   1,540,261    1,763,144    2,816,700    3,115,613 
Other segment items(1)   1,037,756    802,529    2,003,477    1,552,384 
Segment operating income  $1,895,325   $145,116   $4,051,383   $593,635 
Interest expense, net   (2,240)   (418)   (164,877)   (1,289)
Net income  $1,893,085   $144,698   $3,886,506   $592,346 
                     
Consolidated                    
Revenue, net  $62,218,185   $50,661,845   $127,915,941   $94,806,109 
Cost of revenue   7,430,904    5,024,915    16,074,620    9,625,092 
Gross profit   54,787,281    45,636,930    111,841,321    85,181,017 
Significant Segment Expenses:                    
Selling and marketing expenses   29,125,097    26,378,928    58,319,158    50,552,808 
Payroll expenses   7,845,148    8,306,641    16,691,863    15,408,973 
Merchant processing fees   2,926,109    2,535,269    5,723,556    4,643,109 
Other general and administrative expenses   10,879,985    8,242,257    19,347,220    15,929,822 
Other segment items(1)   4,917,714    6,479,401    10,123,372    11,123,116 
Segment operating income (loss)  $(906,772)  $(6,305,566)  $1,636,152   $(12,476,811)
Interest expense, net   (663,027)   (531,468)   (1,289,302)   (1,009,146)
Net (loss) income  $(1,569,799)  $(6,837,034)  $346,850   $(13,485,957)

 

(1) Other segment items include stock-based compensation and depreciation and amortization. Stock-based compensation expense for our Telehealth segment was $2.1 million and $4.2 million for the three months ended June 30, 2025 and 2024, respectively. Stock-based compensation expense for our Telehealth segment was $4.6 million and $6.7 million for the six months ended June 30, 2025 and 2024, respectively. Depreciation and amortization for our Telehealth segment was $1.8 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and for our WorkSimpli segment was $1.0 million and $803 thousand for the three months ended June 30, 2025 and 2024, respectively. Depreciation and amortization for our Telehealth segment was $3.5 million and $2.8 million for the six months ended June 30, 2025 and 2024, respectively, and for our WorkSimpli segment was $2.0 million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively.

 

 

Total Assets  June 30, 2025   December 31, 2024 
Telehealth  $62,813,509   $62,340,390 
WorkSimpli   10,751,193    10,119,636 
Consolidated  $73,564,702   $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 $4.8 million and $3.7 million for our Telehealth segment during the six months ended June 30, 2025 and 2024, respectively, and $1.8 million and $1.6 million for our WorkSimpli segment during the six months ended June 30, 2025 and 2024, respectively.

 

International net revenues totaled $4.1 million and $3.2 million for the three months ending June 30, 2025 and 2024, respectively, and $8.2 million and $6.7 million for the six months ending June 30, 2025 and 2024, respectively, and relate to our WorkSimpli segment.