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Note 10 - Segment Information
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 10 – Segment Information

 

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly provided to the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented by operating segment in making operating decisions, allocating resources, and evaluating financial performance.

 

During the six months ended June 30, 2025, the Company conducted the business through two primary operating segments: Drones and Sensors. During the year ended December 31, 2024, our SaaS segment ceased operations and did not renew any of its software subscription. Transactions in this segment during 2025 will consist of run off related expenses until this segment is fully shut down. During the six months ended June 30, 2025, we sold the Measure domain name and received approximately $250,000 in cash proceeds which has been reflected within other income on the unaudited condensed consolidated statements of operations as the domain name had a net book value of $0.

 

The accounting policies of the operating segments are the same as those described in Note 2. Non-allocated administrative and other expenses are reflected in Corporate. Corporate assets include cash, prepaid expenses, right-of-use asset and other assets.

 

 

As of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024, operating information about the Company’s reportable segments consisted of the following:

 

Goodwill and Assets

 

  

Corporate

  

Drones

  

Sensors

  

SaaS

  

Total

 

As of June 30, 2025

                    

Goodwill

 $—  $—  $4,459,644  $—  $4,459,644 

Assets

 $5,618,370  $8,004,599  $9,559,441  $—  $23,182,410 
                     

As of December 31, 2024

                    

Goodwill

 $—  $—  $4,459,644  $—  $4,459,644 

Assets

 $3,804,628  $7,028,158  $9,744,152  $4,616  $20,581,554 

 

Net Income (Loss)

 

  

Corporate

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended June 30, 2025

                    

Revenues

 $—  $2,737,498  $1,460,063  $—  $4,197,561 

Cost of sales

  —   1,094,662   763,020   —   1,857,682 

Compensation and related expenses

  219,835   1,162,894   413,421   —   1,796,150 

Professional fees

  172,900   172,316   73,858   —   419,074 

Other operating expenses

  650,353   1,195,163   308,910   37,855   2,192,281 

Income (loss) from operations

 $(1,043,088) $(887,537) $(99,146) $(37,855) $(2,067,626)

Other income (expense), net

  433,464   67,644   286,142   —   787,250 

Net income (loss)

 $(609,624) $(819,893) $186,996  $(37,855) $(1,280,376)
                     

Three Months Ended June 30, 2024

                    

Revenues

 $—  $1,351,414  $1,952,534  $88,590  $3,392,538 

Cost of sales

  —   687,823   1,039,377   110,763   1,837,963 

Compensation and related expenses

  215,021   1,398,773   327,146   67,459   2,008,399 

Professional fees

  158,569   44,312   (14,130)  36,377   225,128 

Other operating expenses

  620,419   705,892   331,724   203,481   1,861,516 

Income (loss) from operations

 $(994,009) $(1,485,386) $268,417  $(329,490) $(2,540,468)

Other income (expense), net

  (347,363)  (41,877)  —   —   (389,240)

Net income (loss)

 $(1,341,372) $(1,527,263) $268,417  $(329,490) $(2,929,708)

 

  

Corporate

  

Drones

  

Sensors

  

SaaS

  

Total

 

Six Months Ended June 30, 2025

                    

Revenues

 $—  $4,970,907  $2,876,063  $—  $7,846,970 

Cost of sales

  —   1,941,864   1,431,411   —   3,373,275 

Compensation and related expenses

  518,847   2,151,088   734,821   —   3,404,756 

Professional fees

  256,838   288,163   138,071   —   683,072 

Other operating expenses

  1,198,356   1,643,605   550,746   63,332   3,456,039 

Income (loss) from operations

 $(1,974,041) $(1,053,813) $21,014  $(63,332) $(3,070,172)

Other income (expense), net

  8,319,080   58,450   472,305   —   8,849,835 

Net income (loss)

 $6,345,039  $(995,363) $493,319  $(63,332) $5,779,663 
                     

Six Months Ended June 30, 2024

                    

Revenues

 $—  $2,498,026  $4,586,074  $202,885  $7,286,985 

Cost of sales

  —   1,375,054   2,228,705   174,229   3,777,988 

Compensation and related expenses

  481,774   2,738,461   517,102   215,870   3,953,207 

Professional fees

  330,894   308,081   78,568   166,989   884,532 

Other operating expenses

  1,066,927   1,541,576   600,786   396,325   3,605,614 

Income (loss) from operations

 $(1,879,595) $(3,465,146) $1,160,913  $(750,528) $(4,934,356)

Other income (expense), net

  (4,309,271)  12,320   (13,988)  —   (4,310,939)

Net income (loss)

 $(6,188,866)  (3,452,826) $1,146,925  $(750,528) $(9,245,295)

 

 

Revenues by Geographic Area

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended June 30, 2025

                

North America

 $130,464  $446,187  $—  $576,651 

Latin America

  339,155   23,910   —   363,065 

Europe, Middle East and Africa

  2,239,426   681,644   —   2,921,070 

Asia Pacific

  28,453   260,884   —   289,337 

Other

  —   47,438   —   47,438 
  $2,737,498  $1,460,063  $—  $4,197,561 

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended June 30, 2024

                

North America

 $394,281  $569,291  $87,496  $1,051,068 

Latin America

  396,236   56,633   —   452,869 

Europe, Middle East and Africa

  383,010   835,624   248   1,218,882 

Asia Pacific

  177,887   398,734   598   577,219 

Other

  —   92,252   248   92,500 
  $1,351,414  $1,952,534  $88,590  $3,392,538 

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Six Months Ended June 30, 2025

                

North America

 $511,404  $865,278  $—  $1,376,682 

Latin America

  669,845   67,844   —   737,689 

Europe, Middle East and Africa

  3,723,973   1,431,834   —   5,155,807 

Asia Pacific

  65,685   410,876   —   476,561 

Other

  —   100,231   —   100,231 
  $4,970,907  $2,876,063  $—  $7,846,970 

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Six Months Ended June 30, 2024

                

North America

 $969,424  $1,368,842  $194,242  $2,532,508 

Latin America

  622,070   183,072   5,185   810,327 

Europe, Middle East and Africa

  714,453   2,196,503   495   2,911,451 

Asia Pacific

  192,079   720,013   2,468   914,560 

Other

  —   117,644   495   118,139 
  $2,498,026  $4,586,074  $202,885  $7,286,985