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Segment Reporting
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenue

$

60,975

 

 

$

213,901

 

 

$

330,975

 

 

$

632,530

 

 

 

 

 

 

 

 

 

 

 

 

Less significant expenses:

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

879,408

 

 

 

658,003

 

 

 

2,711,849

 

 

 

2,008,393

 

Operations and research (excluding compensation)

 

646,610

 

 

 

1,186,802

 

 

 

1,579,264

 

 

 

2,784,798

 

Compensation:

 

 

 

 

 

 

 

 

 

 

 

Salaries and Wages

 

838,578

 

 

 

717,639

 

 

 

4,567,265

 

 

 

2,427,541

 

Share-based compensation

 

45,742

 

 

 

101,785

 

 

 

137,226

 

 

 

1,666,318

 

Total Compensation

 

884,320

 

 

 

819,424

 

 

 

4,704,491

 

 

 

4,093,859

 

Total Significant Expenses

 

2,410,338

 

 

 

2,664,229

 

 

 

8,995,604

 

 

 

8,887,050

 

Other segment items (gain)/loss (1)

 

11,158,823

 

 

 

(18,685,763

)

 

 

22,398,708

 

 

 

(21,682,196

)

Total Significant Expenses and Other Segment Items

$

13,569,161

 

 

$

(16,021,534

)

 

$

31,394,312

 

 

$

(12,795,146

)

 

 

 

 

 

 

 

 

 

 

 

Net Income/(Loss)

$

(13,508,186

)

 

$

16,235,435

 

 

$

(31,063,337

)

 

$

13,427,676

 

 

(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.