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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 11 — SEGMENT INFORMATION

 

The Company views its operations and manages its business as one operating and reportable segment, which is the business of designing and developing innovative neurostimulation products. The Company’s focus centers around the treatment of various mental health conditions without the need for drugs or psychotherapy. Consistent with the operational structure, the Chief Executive Officer, as the chief operating decision maker (“CODM”), manages and allocates resources on a consolidated basis. This decision-making process reflects the way in which the financial information is regularly reviewed and used by the CODM to evaluate performance, set operational targets, forecast future financial results, and allocate resources.

 

The Company’s CODM assesses financial performance and allocates resources based on consolidated net loss that also is reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The CODM utilizes consolidated net loss by comparing actual results against budgeted amounts on a quarterly basis. As part of this process, consolidated net loss is a critical performance measure used to evaluate the Company’s operating performance and guide strategic decisions and resource allocations, including additional investments in research and development and commercialization activities.

 

The following table provides information about the Company’s one reportable segment and includes the reconciliation to consolidated net loss.

 

               
    Year ended
December 31,		  
    2024     2023  
Total revenues(b)   $ 168,721     $ 110,748  
Less:                
Cost of revenues     36,593       25,688  
Research and development expense (excluding stock-based compensation expense):                
Clinical trials     87,492       80,569  
HALO Design     534,527       336,870  
SYNC project     102,565       -  
Other research and development(a)     66,300       4,372  
General and administrative expense (excluding share-based compensation expense)     2,553,459       2,367,821  
Amortization     15,107       3,751  
Stock-based compensation expense     3,560,509       2,413,375  
Professional fees     966,815       574,598  
Interest (income) expense, net     (3,193 )     38,835  
Equity in net income from equity method investees     (4,851 )     -  
Other income     (139,420 )     (1,086,422 )
Segment net loss     (7,607,182 )     (4,648,709 )
                 
Reconciliation of net loss                
Adjustments and reconciling items     -       -  
Consolidated net loss   $ (7,607,182 )   $ (4,648,709 )

 

 
(a) Other research and development expenses primarily consist of facilities charges, third party consultant costs, costs related to other product candidates, and other unallocated costs.
(b) Revenue concentrations are reflected in Note 9