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

NOTE 17. SEGMENT REPORTING

 

The Company manages its business activities on a consolidated basis and operates as a single operating segment, the Insurance Segment, earning its revenues from insurance commissions. Accounting policies of the Insurance segment are described in Note 2 – Summary of Significant Accounting Policies.

 

Our CODM (chief operating decision maker) is our Chairman and Chief Executive Officer, Mr. Ezra Beyman. The CODM uses consolidated net income (loss), as reported on our consolidated statements of operations, in evaluating performance of the Insurance Segment and determining how to allocate resources of the Company as a whole, including for investments, stockholder return programs and our acquisition strategy. The CODM does not review assets in evaluating the results of the Insurance Segment, and therefore, such information is not presented.

 

The following table provides the financial results of our Insurance Segment:

 

   2024   2023 
   Year Ended December 31, 
   2024   2023 
         
Total revenues  $14,054,361   $13,731,826 
Less: Significant and other Insurance Segment expenses          
Commission expense   4,189,599    3,732,939 
Salaries and wages   7,226,810    7,503,052 
General and administrative expenses   4,219,635    4,089,989 
Marketing and advertising expenses   357,697    364,974 
Change in estimated acquisition earn-out payables   47,761    1,716,873 
Depreciation and amortization   1,786,068    2,609,191 
Asset impairments   3,922,110    7,594,000 
Interest expense   1,442,808    1,506,186 
Interest expense related parties   140,802    150,067 
Other income, net   (51,345)   (6,530)
Recognition and change in fair value of warrant liabilities   (156,000)   (5,503,647)
Loss from discontinued operations before tax   -    1,984,714 
Insurance segment net loss  $(9,071,584)  $(12,009,982)