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Reportable Segment and Significant Segment Expenses | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Reportable Segment and Significant Segment Expenses | Reportable Segment and Significant Segment Expenses The Company operates in a single business segment, which is the EV V2G Charging segment. Significant Segment Expenses: The Company operates in a single business segment, which is the consolidated entity. The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM uses revenue and operating expenses of the consolidated entity predominantly in the annual budget and forecasting process. The CODM considers consolidated budget-to-actual variances on an annual basis when making decisions about the allocation of operating and capital resources. Below are the significant consolidated segment expenses that the Company regularly provides to the CODM. The following table summarizes the Company’s significant selling, general, and administrative expenses, and research and development expenses that are regularly provided to the CODM:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 332,989 |  |  | $ | 802,180 |  |  | $ | 1,245,454 |  |  | $ | 1,581,936 |
(Add)/deduct: |  |  |  |  |  |  |
Cost of sales | 131,065 |  |  | 602,715 |  |  | 692,309 |  |  | 1,112,159 |
Selling, general, and administrative expense: |  |  |  |  |  |  |
Employee compensation and benefits | 1,996,835 |  |  | 2,566,048 |  |  | 4,414,360 |  |  | 6,341,181 |
Consultants | 59,869 |  |  | 852 |  |  | 59,869 |  |  | 15,327 |
Marketing | 549,338 |  |  | 58,781 |  |  | 813,832 |  |  | 126,417 |
Rent | 259,910 |  |  | 251,407 |  |  | 533,227 |  |  | 491,377 |
Professional fees | 241,568 |  |  | 234,590 |  |  | 557,382 |  |  | 285,285 |
Legal | 653,948 |  |  | 348,500 |  |  | 1,365,105 |  |  | 478,437 |
Insurance (excluding health & D&O) | 25,337 |  |  | 59,003 |  |  | 69,184 |  |  | 91,122 |
IT Expense | 238,743 |  |  | 342,367 |  |  | 515,817 |  |  | 652,099 |
Travel | 62,757 |  |  | 91,399 |  |  | 85,529 |  |  | 156,430 |
Office Meal and Employee Reimbursement | 7,484 |  |  | 22,949 |  |  | 17,172 |  |  | 46,369 |
Dues & Subscriptions | 53,840 |  |  | 92,271 |  |  | 114,608 |  |  | 198,665 |
Office Supplies | 1,557 |  |  | 1,704 |  |  | 2,409 |  |  | 4,139 |
Telephone | 2,535 |  |  | 681 |  |  | 4,318 |  |  | 3,840 |
Utilities | 8,657 |  |  | 10,996 |  |  | 21,649 |  |  | 22,684 |
Depreciation & Amortization | 81,597 |  |  | 85,947 |  |  | 160,425 |  |  | 179,170 |
Bank charges | 12,304 |  |  | 12,222 |  |  | 18,154 |  |  | 16,970 |
Fair value of warrants issued for cryptocurrency strategy consulting services | 8,194,000 |  |  | — |  |  | 8,194,000 |  |  | — |
Public Co Fees | 351,470 |  |  | 310,057 |  |  | 893,713 |  |  | 1,116,300 |
Provision for credit losses | 991,255 |  |  | — |  |  | 991,255 |  |  | — |
Other | 112,983 |  |  | — |  |  | 128,041 |  |  | 192,071 |
Total selling, general, and administrative expense | 13,905,986 |  |  | 4,489,772 |  |  | 18,960,049 |  |  | 10,417,882 |
Research and development expense: |  |  |  |  |  |  |
Employee compensation and benefits | 716,239 |  |  | 581,299 |  |  | 1,194,409 |  |  | 1,334,463 |
Consultants | 67,193 |  |  | 527,990 |  |  | 219,323 |  |  | 1,036,370 |
License fees | 62,295 |  |  | 243,067 |  |  | 199,607 |  |  | 480,341 |
Legal | 122,342 |  |  | 77,321 |  |  | 220,964 |  |  | 106,333 |
IT Expense | 96,953 |  |  | 8,084 |  |  | 104,873 |  |  | 30,306 |
Travel | 9,212 |  |  | 19,861 |  |  | 14,866 |  |  | 32,714 |
Office Meal and Employee Reimbursement | 1,564 |  |  | 4,231 |  |  | 3,210 |  |  | 8,849 |
Dues & Subscriptions | 700 |  |  | — |  |  | 700 |  |  | — |
Repairs and Maintenance | 11,054 |  |  | 8,733 |  |  | 12,216 |  |  | 29,698 |
Bank charges | 2,879 |  |  | 2,847 |  |  | 4,037 |  |  | 3,853 |
Other | 2,731 |  |  | 134 |  |  | 2,730 |  |  | 218 |
Total research and development expense | 1,093,163 |  |  | 1,473,567 |  |  | 1,976,935 |  |  | 3,063,144 |
Total other income (expense), net | 1,228,763 |  |  | 1,814,859 |  |  | $ | (63,224) |  |  | $ | 2,333,497 |
Income tax expense | — |  |  | — |  |  | $ | — |  |  | $ | — |
Net loss | $ | (13,568,462) |  |  | $ | (3,949,015) |  |  | $ | (20,447,063) |  |  | $ | (10,677,752) |
The following table summarizes the Company’s intangible assets and property, plant and equipment in different geographic locations:
| June 30, 2025 |  | December 31, 2024
United States | $ | 1,666,374 |  |  | $ | 1,508,977 |
United Kingdom | 1,901 |  |  | 1,425 |
Denmark | 183,890 |  |  | 166,322 |
| $ | 1,852,166 |  |  | $ | 1,676,724 |

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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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