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Segment Reporting
 6 Months Ended
Jun. 30, 2025
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 to the Consolidated Financial Statements included in the 2024 Annual Report on Form 10-K. 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:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenue

$

135,000

 

 

$

215,565

 

 

$

270,000

 

 

$

418,629

 

 

 

 

 

 

 

 

 

 

 

 

Less significant expenses:

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

946,850

 

 

 

782,698

 

 

 

1,832,441

 

 

 

1,350,390

 

Operations and research (excluding compensation)

 

528,955

 

 

 

871,714

 

 

 

932,654

 

 

 

1,597,997

 

Compensation:

 

 

 

 

 

 

 

 

 

 

 

Salaries and Wages

 

2,987,147

 

 

 

831,074

 

 

 

3,728,687

 

 

 

1,709,903

 

Share-based compensation

 

45,742

 

 

 

101,785

 

 

 

91,484

 

 

 

1,564,532

 

Total Compensation

 

3,032,889

 

 

 

932,859

 

 

 

3,820,171

 

 

 

3,274,435

 

Total Significant Expenses

 

4,508,694

 

 

 

2,587,271

 

 

 

6,585,266

 

 

 

6,222,822

 

Other segment items (gain)/loss (1)

 

12,765,803

 

 

 

1,357,021

 

 

 

11,239,885

 

 

 

(2,996,434

)

Total Significant Expenses and Other Segment Items

$

17,274,497

 

 

$

3,944,292

 

 

$

17,825,151

 

 

$

3,226,388

 

 

 

 

 

 

 

 

 

 

 

 

Net Income/(Loss)

$

(17,139,497

)

 

$

(3,728,727

)

 

$

(17,555,151

)

 

$

(2,807,759

)

 

(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, and Other, as reported in our condensed consolidated statements of operations.