v3.25.2
Note 8 - Segment Information
 6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 8 - SEGMENT INFORMATION

 

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company’s chief operating decision maker (“CODM”) and relied upon when making decisions regarding resource allocation and assessing performance. When evaluating the Company’s financial performance, the CODM reviews total revenues, total expenses, and expenses by functional classification, using this information to make decisions on a company-wide basis.

 

The Company operates in two reportable segments (see below). The CODM for the Company is the Chief Executive Officer (the “CEO”). The Company’s CEO reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has two reportable operating segments structure. At present, the Company no sources of revenue and has no specific business plan or purpose. The CEO uses aggregate net loss to allocate resources towards its operating segment(s). The measure of segment assets is reported on the consolidated balance sheets as total assets.

 

The Company’s CODM, the Chief Executive Officer, evaluates how the Company views and measures its performance. ASC 280, Segment Reporting establishes the standards for reporting information about segments in financial statements. After consideration of this criteria, the CODM has determined that there are two reportable segments, consisting of Bring Reporting Current and Pivotal.

 

Bring Reporting Current represents the Company’s sole current goal of catching up on its public Company filings and maintaining its issuer status and consists of legal, professional, audit and management fee expenses incurred towards this mission.

 

Pivotal was the Company’s ongoing license revenues which were discontinued in the prior year. This revenue stream required no effort or expenses on behalf of the Company and were recognized when paid up to the termination of the agreement.

 

The Company measures segment performance to allocate its resources towards the Bring Reporting Current segment. Total asset information by segment is not provided to, or reviewed by, the CODM as it is not used to make strategic decisions, allocate resources or assess performance.

 

The following table summarizes the reportable segments of the Company for the six months ended December 31, 2024:

 

  

Bring

Reporting

Current

  

Pivotal

  

Total

 
             

Revenue

 $-  $-     
             

Related expenses:

            

Consulting, audit and professional

  89,082   -   89,082 

Management fees

  75,000   -   75,000 
             

Total expenses

  (164,082)  -   (164,082)

Net income (loss) from segment

  (164,082)  -   (164,082)
             
             

Other income (expense):

            

Interest expense

  (163,304)  -   (163,304)

Total other income (expense)

  (163,304)  -   (163,304)

Net income (loss)

 $(327,386) $-  $(327,386)

 

 

The following table summarizes the reportable segments of the Company for the six months ended December 31, 2023:

 

  

Bring

reporting

current

  

Pivotal

  

Total

 
             

Revenue

 $-  $7,055   7,055 
             

Related expenses:

            

Consulting, audit and professional

  92,774   -   92,774 

Management fees

  75,000   -   75,000 
             

Total expenses

  (167,774)  -   (167,774)

Net income (loss) from segment

  (167,774)  7,055   (160,719)
             
             

Other income (expense):

            

Gain on troubled debt restructure

  3,371,441   -   3,371,441 

Gain on extinguishment of preferred share obligations

  136,481   -   136,481 

Interest expense

  (160,878)  -   (160,878)

Total other income (expense)

  3,347,044   -   3,347,044 

Net income (loss)

 $3,179,270  $7,055   3,186,325