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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting |
Segment Reporting | Note 12 - Segment Reporting The Company operates and manages its business through two operating and reportable segments: Ophthalmic Technology and Digital Assets. The Company’s chief operating decision maker (the “CODM”) is the Company’s Chief Executive Officer. The CODM regularly reviews discrete financial information for each segment, including segment revenues, cost of revenues, significant segment expenses, and segment (income) loss, to make decisions about resources to be allocated to each segment and to assess each segment’s performance, as well as to make strategic operational decisions and manage the organization. The measure of segment profit or loss used by the CODM is segment (income) loss, as presented in the tables below. Selling, general and administrative expenses and other income (expense), net, are not allocated to the segments and are presented as reconciling items between total segment (income) loss and total net income (loss). The measure of segment assets used by the CODM is total assets, disaggregated by segment as presented in the tables below. The accounting policies of the segments are the same as those described in Note 3 – Summary of Significant Accounting Policies. Management expects that substantially all assets and operations of the Ophthalmic Technology segment will be wound down during the second quarter of 2026, at which time the Company will reassess its operating segments under ASC 280. The following tables summarize the activity of the Company’s segments for the three months ended March 31, 2026 and 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​
​ | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue: | ​ ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | — | ​ | $ | 244,271 | ​ | $ | — | ​ | $ | 244,271 | ​ | $ | 14,720 | ​ | $ | — | ​ | $ | — | ​ | $ | 14,720
Less: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Cost of revenue | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | (48) | ​ |  | — | ​ | ​ | — | ​ |  | (48)
Gross Income (Loss) | ​ |  | — | ​ |  | 244,271 | ​ | ​ | — | ​ |  | 244,271 | ​ |  | 14,672 | ​ |  | — | ​ | ​ | — | ​ |  | 14,672
Less: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Research and Development: | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Salaries and benefits | ​ |  | 123,106 | ​ |  | — | ​ | ​ | — | ​ |  | 123,106 | ​ |  | 420,000 | ​ |  | — | ​ | ​ | — | ​ |  | 420,000
Direct clinical and non-clinical expenses | ​ |  | 60,841 | ​ |  | — | ​ | ​ | — | ​ |  | 60,841 | ​ |  | 72,657 | ​ |  | — | ​ | ​ | — | ​ |  | 72,657
Facilities expenses | ​ |  | 11,788 | ​ |  | — | ​ | ​ | — | ​ |  | 11,788 | ​ |  | 70,837 | ​ |  | — | ​ | ​ | — | ​ |  | 70,837
Non-cash stock based compensation expenses | ​ |  | 38,934 | ​ |  | — | ​ | ​ | — | ​ |  | 38,934 | ​ |  | 64,677 | ​ |  | — | ​ | ​ | — | ​ |  | 64,677
Supplies and materials | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | 25,130 | ​ |  | — | ​ | ​ | — | ​ |  | 25,130
Other Expenses(1) | ​ |  | 3,880 | ​ |  | — | ​ | ​ | — | ​ |  | 3,880 | ​ |  | 19,742 | ​ |  | — | ​ | ​ | — | ​ |  | 19,742
Depreciation expense | ​ |  | 48,215 | ​ |  | — | ​ | ​ | — | ​ |  | 48,215 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | —
Realized gain - digital assets and digital assets receivable | ​ | ​ | — | ​ | ​ | (3,623,764) | ​ | ​ | — | ​ | ​ | (3,623,764) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Unrealized gain - digital assets | ​ |  | — | ​ |  | (10,973,979) | ​ | ​ | — | ​ |  | (10,973,979) | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | —
Unrealized gain – digital intangible assets receivable | ​ | ​ | — | ​ | ​ | (367,251) | ​ | ​ | — | ​ | ​ | (367,251) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Impairment loss - digital intangible assets | ​ |  | — | ​ |  | 1,231,668 | ​ | ​ | — | ​ |  | 1,231,668 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | —
Net gain (loss) on derivative instruments | ​ | ​ | — | ​ | ​ | (39,401) | ​ | ​ | — | ​ | ​ | (39,401) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Provision for credit losses | ​ | ​ | — | ​ | ​ | 504,511 | ​ | ​ | — | ​ | ​ | 504,511 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Reacquisition of license rights | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Segment (income) loss | ​ | ​ | 286,764 | ​ | ​ | (13,512,487) | ​ | ​ | — | ​ | ​ | (13,225,723) | ​ | ​ | 673,043 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 673,043
Reconciling Items | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative expense(2) | ​ |  | — | ​ |  | — | ​ | ​ | 4,493,604 | ​ |  | 4,493,604 | ​ |  | 2,372,322 | ​ |  | — | ​ | ​ | — | ​ |  | 2,372,322
Other (income) expense, net (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (108,431) | ​ | ​ | (108,431) | ​ | ​ | 452,840 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 452,840
Net Income (Loss) | ​ | $ | (286,764) | ​ | $ | 13,512,487 | ​ | $ | (4,385,173) | ​ | $ | 8,840,550 | ​ | $ | (3,483,533) | ​ | $ | — | ​ | $ | — | ​ | $ | (3,483,533)
(1) | Other research and development expenses include outsourced engineering and IT systems used for research and development.
(2) | Selling, general and administrative expenses primarily include professional fees, general and administrative compensation expenses, general strategic consulting, Nasdaq/SEC fees, insurance and facilities expenses.
(3) | Other (income) expense, net includes interest income, interest expense and gain on extinguishment of liabilities.
​ The following table summarizes the segment assets as of March 31, 2026 and December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, 2026 | ​ ​ ​ | December 31, 2025
​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​ | ​ | Ophthalmic | ​ | Digital | ​ | Corporate/ | ​ | ​ | ​
​ | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total | ​ ​ ​ | Technology | ​ ​ ​ | Assets | ​ ​ ​ | Other | ​ ​ ​ | Total
Segment Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | — | ​ | $ | — | ​ | $ | 7,380,922 | ​ | $ | 7,380,922 | ​ | $ | — | ​ | $ | — | ​ | $ | 6,443,467 | ​ | $ | 6,443,467
Digital assets | ​ |  | — | ​ |  | 60,739,409 | ​ |  | — | ​ |  | 60,739,409 | ​ |  | — | ​ |  | 43,872,033 | ​ |  | — | ​ |  | 43,872,033
All other assets | ​ |  | 71,105 | ​ |  | — | ​ |  | 1,874,527 | ​ |  | 1,945,632 | ​ |  | 132,652 | ​ |  | — | ​ |  | 1,316,104 | ​ |  | 1,448,756
Total Assets | ​ | $ | 71,105 | ​ | $ | 60,739,409 | ​ | $ | 9,255,449 | ​ | $ | 70,065,963 | ​ | $ | 132,652 | ​ | $ | 43,872,033 | ​ | $ | 7,759,571 | ​ | $ | 51,764,256
​

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- Definition The entire disclosure for reporting segments including data and tables. 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