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OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

OPERATING SEGMENTS

Schedule of income statements by operating segment

The following tables present the Company’s income statements by operating segment (in thousands):


	Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
	USA Operations			Canada Operations			Consolidated			USA Operations			Canada Operations			Consolidated
Operating revenues
Fee revenue	$	4,652		$	11		$	4,663		$	31,260		$	8,467		$	39,727
Reimbursable revenue		9,758			—			9,758			18,753			37			18,790
		14,410			11			14,421			50,013			8,504			58,517

Operating costs:
Fee operating expenses		5,726			811			6,537			26,751			5,781			32,532
Reimbursable operating expenses		9,758			—			9,758			18,753			37			18,790
Operating expenses		15,484			811			16,295			45,504			5,818			51,322
General and administrative		2,393			136			2,529			6,133			478			6,611
Severance expense		—			—			—			86			—			86
Depreciation and amortization		1,144			244			1,388			3,611			772			4,383
		19,021			1,191			20,212			55,334			7,068			62,402

(Loss) income from operations		(4,611)			(1,180)			(5,791)			(5,321)			1,436			(3,885)

Other income (expense):
Interest income		58			14			72			246			44			290
Interest expense		(24)			(11)			(35)			(89)			(31)			(120)
Other income (expense), net		100			2			102			457			(23)			434
(Loss) income before income tax		(4,477)			(1,175)			(5,652)			(4,707)			1,426			(3,281)
Income tax benefit (expense)		35			—			35			(36)			—			(36)
Net (loss) income		(4,442)			(1,175)			(5,617)			(4,743)			1,426			(3,317)
Other comprehensive income (loss):
Net unrealized income (loss) on foreign exchange rate translation		—			29			29			—			(241)			(241)

Comprehensive (loss) income	$	(4,442)		$	(1,146)		$	(5,588)		$	(4,743)		$	1,185		$	(3,558)


	Three Months Ended September 30, 2023									Nine Months Ended September 30, 2023
	USA Operations			Canada Operations			Consolidated			USA Operations			Canada Operations			Consolidated
Operating revenues
Fee revenue	$	9,724		$	11		$	9,735		$	32,767		$	10,122		$	42,889
Reimbursable revenue		13,223			3			13,226			29,092			607			29,699
		22,947			14			22,961			61,859			10,729			72,588

Operating costs:
Fee operating expenses		10,066			852			10,918			29,353			8,780			38,133
Reimbursable operating expenses		13,223			3			13,226			29,092			607			29,699
Operating expenses		23,289			855			24,144			58,445			9,387			67,832
General and administrative		2,315			180			2,495			8,084			887			8,971
Severance expense		—			—			—			—			—			—
Depreciation and amortization		1,527			487			2,014			5,173			1,654			6,827
		27,131			1,522			28,653			71,702			11,928			83,630

Loss from operations		(4,184)			(1,508)			(5,692)			(9,843)			(1,199)			(11,042)

Other income (expense):
Interest income		72			120			192			250			186			436
Interest expense		(14)			(8)			(22)			(36)			(17)			(53)
Other income (expense), net		316			11			327			466			56			522
Loss before income tax		(3,810)			(1,385)			(5,195)			(9,163)			(974)			(10,137)
Income tax (expense) benefit		(3)			—			(3)			96			—			96
Net loss		(3,813)			(1,385)			(5,198)			(9,067)			(974)			(10,041)
Other comprehensive (loss) income:
Net unrealized (loss) income on foreign exchange rate translation		—			(218)			(218)			—			25			25

Comprehensive loss	$	(3,813)		$	(1,603)		$	(5,416)		$	(9,067)		$	(949)		$	(10,016)

Schedule of total assets disaggregated by operating segment

The following table presents the Company’s total assets (in thousands) disaggregated by operating segment:


		September 30,			December 31,
		2024			2023
Total Assets
United States		$	23,774		$	48,495
Canada			6,407			9,024
Total Assets		$	30,181		$	57,519

Schedule of reconciliation of the Company's Adjusted EBITDA to net (loss) income

The reconciliation of the Company’s Adjusted EBITDA to net (loss) income, which is the most directly comparable GAAP financial measure, is provided in the following tables (in thousands):


	Three Months Ended September 30,
	2024 US			2024 CA			2024 Consol.			2023 US			2023 CA			2023 Consol.
Net loss	$	(4,442)		$	(1,175)		$	(5,617)		$	(3,813)		$	(1,385)		$	(5,198)
Depreciation and amortization		1,144			244			1,388			1,527			487			2,014
Severance expense		—			—			—			—			—			—
Interest income, net		(34)			(3)			(37)			(58)			(112)			(170)
Income tax (benefit) expense		(35)			—			(35)			3			—			3
Adjusted EBITDA	$	(3,367)		$	(934)		$	(4,301)		$	(2,341)		$	(1,010)		$	(3,351)


	Nine Months Ended September 30,
	2024 US			2024 CA			2024 Consol.			2023 US			2023 CA			2023 Consol.
Net (loss) income	$	(4,743)		$	1,426		$	(3,317)		$	(9,067)		$	(974)		$	(10,041)
Depreciation and amortization		3,611			772			4,383			5,173			1,654			6,827
Severance expense		86			—			86			—			—			—
Interest income, net		(157)			(13)			(170)			(214)			(169)			(383)
Income tax expense (benefit)		36			—			36			(96)			—			(96)
Adjusted EBITDA	$	(1,167)		$	2,185		$	1,018		$	(4,204)		$	511		$	(3,693)