v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment and Geographic Information [Abstract]  
Segment and Geographic Information
18.Segment and Geographic Information

 

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis to make decisions regarding how to allocate resources and assess performance. The CODM assesses performance and decides how to allocate resources based on net loss and is reported on the consolidated statements of operations as consolidated net loss. Net loss is used to monitor budget versus actual results in an effort to refine forecasts, control costs, and pricing strategies. The CODM does not evaluate operating segments using asset information.

 

The following presents selected financial information with respect to the Company’s single operating segment:

 

   Three months ended
June 30		   Six months ended
June 30		 
   2025   2024   2025   2024 
                 
Revenues  $25,084,631   $22,469,543   $48,791,421   $40,202,999 
                     
Expenses                    
Programming and content  $21,072,162   $31,159,781   $45,824,816   $58,865,508 
Other cost of services   5,470,145    4,532,352    10,753,665    8,654,979 
General and administrative   11,666,331    10,415,016    28,300,054    19,737,395 
Research and development   4,825,884    5,319,230    9,614,995    9,847,022 
Sales and marketing   7,891,526    6,274,749    11,530,452    9,571,491 
Acquisition-related transaction costs   2,388,105    
-
    2,388,105    
-
 
Amortization and depreciation   3,602,160    3,564,219    6,894,869    5,990,361 
Changes in fair value of digital assets   (5,192,441)   
-
    (3,493,025)   
-
 
Changes in fair value of contingent consideration   
-
    17,768    
-
    1,354,357 
                     
Total expenses   51,723,872    61,283,115    111,813,931    114,021,113 
                     
Loss from operations   (26,639,241)   (38,813,572)   (63,022,510)   (73,818,114)
Interest income   2,898,945    2,174,166    5,083,231    4,696,118 
Other expense   (22,773)   (3,869)   (47,377)   (73,577)
Changes in fair value of derivative   
-
    
-
    9,700,000    
-
 
Changes in fair value of warrant liability   (6,461,861)   10,014,200    15,442,843    (723,695)
                     
Loss before income taxes   (30,224,930)   (26,629,075)   (32,843,813)   (69,919,268)
Income tax expense   
-
    (151,625)   (31,310)   (151,472)
                     
Net loss  $(30,224,930)  $(26,780,700)  $(32,875,123)  $(70,070,740)

The following presents revenue by geographic region:

 

   Three months ended   Six months ended 
   June 30   June 30 
   2025   2024   2025   2024 
                 
United States  $22,039,133   $20,850,168   $44,305,508   $37,808,444 
Canada   346,063    939,213    764,638    1,121,494 
Other   2,699,435    680,162    3,721,275    1,273,061 
                     
   $25,084,631   $22,469,543   $48,791,421   $40,202,999 

 

The Company tracks assets by physical location. Long lived assets consists of property and equipment, net, and are shown below:

 

  

As of

June 30,
2025

   As of
December 31, 2024		 
         
United States  $14,798,425   $16,837,694 
Canada   238,913    230,382 
   $15,037,338   $17,068,076