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Note 10 - Segment Information
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Segment Reporting [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 three months ended March 31, 2026, the Company conducted the business through two primary operating segments: Drones and Sensors. During the year ended December 31,2024, our Software-as-a-service segment ceased operations and did not renew any of its software subscriptions. Transactions in this segment during 2025 consisted primarily of run-off related expenses until this segment was fully shut down. In February 2025, we sold the Measure Global, Inc. 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 assets and other assets.

 

 

As of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025, operating information about the Company’s reportable segments consisted of the following:

 

Assets

 

  

Corporate

  

Drones

  

Sensors

  

SaaS

  

Total

 

As of March 31, 2026

                    

Assets

 $36,700,256  $7,142,773  $4,270,648  $—   48,113,677 
                     

As of December 31, 2025

                    

Assets

 $30,086,163  $8,821,960  $3,321,218  $—  $42,229,341 

 

Net Income (Loss)

 

  

Corporate

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended March 31, 2026

                    

Revenues

 $—  $641,527  $759,680  $—  $1,401,207 

Cost of sales

  —   319,202   497,076   —   816,278 

Compensation and related expenses

  330,096   1,444,840   482,834   —   2,257,770 

Professional fees

  195,495   102,746   86,350   —   384,591 

Other operating expenses

  589,928   1,165,151   1,285,561   —   3,040,640 

Income (loss) from operations

 $(1,115,519) $(2,390,412) $(1,592,141) $—  $(5,098,072)

Other income (expense), net

  6,636,294   (117,860)  —   —   6,518,434 

Net income (loss)

 $5,520,775  $(2,508,272) $(1,592,141) $—  $1,420,362 
                     

Three Months Ended March 31, 2025

                    

Revenues

 $—  $2,233,409  $1,416,001  $—  $3,649,410 

Cost of sales

  —   847,202   668,390   —   1,515,592 

Compensation and related expenses

  299,012   959,694   321,400   —   1,580,106 

Professional fees

  83,938   115,847   64,213   —   263,998 

Other operating expenses

  548,002   476,942   241,837   25,478   1,292,259 

Income (loss) from operations

 $(930,952) $(166,276) $120,161  $(25,478) $(1,002,545)

Other income (expense), net

  7,885,614   (9,195)  186,165   —   8,062,584 

Net income (loss)

 $6,954,662  $(175,471) $306,326  $(25,478) $7,060,039 

 

 

Revenues by Geographic Area

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended March 31, 2026

                

North America

 $238,332  $275,515  $—  $513,847 

Latin America

  35,126   85,834   —   120,960 

Europe, Middle East and Africa

  238,040   289,022   —   527,062 

Asia Pacific

  130,029   109,309   —   239,338 

Other

  —   —   —   — 
  $641,527  $759,680  $—  $1,401,207 

 

  

Drones

  

Sensors

  

SaaS

  

Total

 

Three Months Ended March 31, 2025

                

North America

 $380,940  $419,091  $—  $800,031 

Latin America

  330,690   43,934   —   374,624 

Europe, Middle East and Africa

  1,484,547   750,191   —   2,234,738 

Asia Pacific

  37,232   149,992   —   187,224 

Other

  —   52,793   —   52,793 
  $2,233,409  $1,416,001  $—  $3,649,410