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SEGMENT REPORTING
 3 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 9 — SEGMENT REPORTING

 

For the period ending September 30, 2024, the Company had two reportable segments. These segments have different strategic and economic goals and are managed separately because they require different technology and marketing strategies.

 

Reportable Segment   Description
RENB (United States)   Developing new immunotherapies to combat cancer
RENC (Netherlands)   Developing a predicative artificial intelligence based diagnostic methodology for the use of earlier cancer detection

 

The Company’s chief executive officer is the chief operating decision maker and reviews the internal management reports for each segment at least quarterly. During the quarter ended September 30, 2024, there were no significant inter-company revenues or expenses. The chief operating decision maker assesses performance for each segment and decides how to allocate resources based on segment operating losses that also is reported on the consolidated statement of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The accounting policies of each segment are the same as those described in the summary of significant accounting policies.

 

          
   Operating loss  Assets
United States  $4,960,737   $2,856,326 
Netherlands   48,377,817    118,976,311 
   $53,338,554   $121,832,637 

 

The chief operating decision maker uses loss from operations to evaluate the performance of each segment’s assets in deciding how to allocate available capital between segments. The chief operating decision maker also uses loss from operations in their competitive analysis by benchmarking the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing the performance of the segment.

 

Information regarding each reportable segment for the quarter ended September 30, 2024, is as follows:

 

               
   RENB  RENC  Total
General and administrative  $4,548,449   $752,802   $5,301,251 
Research and development   381,686    8,503    390,189 
Goodwill impairment   —    47,614,729    47,614,729 
Depreciation and amortization   30,602    1,783    32,385 
                
Segment operating loss  $4,960,737   $48,377,817   $53,338,554 

 

Geographic information:

 

RENB and RENC are managed on a worldwide basis but operate in offices located in the United Stated and the Netherlands, respectively. The geographic information analyses the Company’s operations and assets based on the country in which each segment operates. In presenting this geographic information, segment operating results have been based on the geographic location in which the services were provided to the segment and segment assets were based on the geographic location of the assets.