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Segmentation | 12 Months Ended
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Dec. 31, 2024
Segmentation [Abstract] |
SEGMENTATION | 17 - SEGMENTATION ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker (“CODM”) has been identified as the CEO, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment. The CODM assesses the performance of and decides how to allocate resources for the one segment based on consolidated net loss. Further, EBITDA (earnings before interest taxes, depreciation and amortization), which is not presented on the face of the Company’s Consolidated Statements of Operations, is used to assist with the measurement of segment performance and allocate resources. The CODM also uses net loss and adjusted EBITDA, to decide the level of investment in various operating activities and other capital allocation activities. The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as Total Assets. The following table presents the Company’s segment results for the years ended December 31, 2024 and 2023:
|  | For the years ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Sales, net |  | $ | 141,760 |  |  | $ | 9,072,130 |
Cost of goods sold |  |  | 83,290 |  |  |  | 466,802 |
Segment Gross profit |  |  | 58,470 |  |  |  | 8,605,328 |
Operating Expenses: |  |  |  |  |  |  |  |
Product development |  |  | 1,373,351 |  |  |  | 693,448 |
Sales and marketing |  |  | 811,537 |  |  |  | 215,332 |
General and administrative (A) |  |  | 19,171,965 |  |  |  | 17,238,184 |
Transaction costs including those incurred with contingent Earn-out Share Liability |  |  | 55,038,544 |  |  |  | - |
Depreciation and amortization |  |  | 273,772 |  |  |  | 818,203 |
Impairment on investment |  |  | 216,278 |  |  |  |  |
Stock-based compensation |  |  | 6,699,081 |  |  |  |  |
Inventory impairment |  |  | 551,492 |  |  |  |  |
Other income, net |  |  | (21,390 | ) |  |  | 59,982 |
UK R&D tax credit |  |  | (1,251,243 | ) |  |  | - |
Loss on initial issuance of convertible note |  |  | 1,770,933 |  |  |  | - |
Change in fair value of convertible note option liability |  |  | (840,933 | ) |  |  | - |
Change in fair value of warrant liabilities |  |  | (200,124 | ) |  |  | - |
Change in fair value of Earn-out Share Liability |  |  | (38,040,000 | ) |  |  | - |
Other expense |  |  | 244,732 |  |  |  | (21,857 | )
Interest income |  |  | - |  |  |  | 1,942 |
Interest expense |  |  | 1,808,243 |  |  |  | (5,318,817 | )
Segment and Consolidated Net loss |  | $ | (47,547,768 | ) |  | $ | (15,638,589 | )
Notes: (A)-net of depreciation, amortization share-based compensation, provisions and impairments.
|  | As of and For Year Ended December 31 |
Total Consolidated Assets |  | $ | 21,093,895 |  |  | $ | 20,837,306 |
Capital Expenditures |  | $ | 265,445 |  |  | $ | 155,054 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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