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

NOTE 17 – SEGMENT REPORTING

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”). The Company manages its operations as a single segment for purposes of assessing performance and making decisions. The accounting policies of the segment are those included in Note 2 - Summary of Significant Accounting Policies. The Company’s CODM is its President and Chief Operating Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a

consolidated basis, using the operating expenses and interest expense, as presented on the face of the income statement, for purposes of making operating decisions, allocating resources, and evaluating financial performance. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Significant expenses regularly reviewed by the CODM are Professional fees, Operations and research, excluding compensation which is reviewed separately and employee compensation. The following table presents the details of the significant segment expenses, segment net revenues, and the segment performance measure, net loss, in the periods indicated:

 

 

For the Year Ended December 31,

 

 

2024

 

 

2023

 

Total revenue

$

768,677

 

 

$

803,799

 

 

 

 

 

 

Less significant expenses:

 

 

 

 

 

Professional fees

 

2,871,333

 

 

 

2,271,794

 

Operations and research (excluding compensation)

 

3,949,669

 

 

 

3,506,860

 

Compensation:

 

 

 

 

 

Salaries and Wages

 

3,120,544

 

 

 

3,679,063

 

Share-based compensation

 

2,011,605

 

 

 

585,654

 

Total Compensation

 

5,132,149

 

 

 

4,264,717

 

Total Significant Expenses

 

11,953,151

 

 

 

10,043,371

 

Other segment items (gain)/loss (1)

 

(17,431,603

)

 

 

(5,354,970

)

Total Significant Expenses and Other Segment Items

$

(5,478,452

)

 

$

4,688,401

 

 

 

 

 

 

Net Income/(Loss)

$

6,247,129

 

 

$

(3,884,602

)

 

(1)
Includes other expenses within Marketing, General and Administrative and Operations and Research which are not significant individually or in the aggregate and not included within Significant Expenses above; as well as, Interest income, Interest Expense, Loss on equity method investment, Change in derivative liabilities fair value, Gain on debt extinguishment, Residual economic interest in shipwreck, Loss on Termination Agreement, and Other, as reported in our consolidated statements of operations.