| Segment Reporting |
Note 12 - Segment Reporting The Company has one operating and reporting segment (ophthalmic technology), namely, the development and commercialization of ophthalmic solutions. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes the Company’s financial information on an aggregate basis for purposes of making operating decisions, allocating resources and assessing financial performance, as well as for making strategic operations decisions and managing the organization. The measure of segment assets is reported on the balance sheet as total assets. The following tables summarize the activity of the ophthalmic technology operations for the three and six months ended June 30, 2025 and 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | | June 30, 2025 | | June 30, 2024 | | | Ophthalmic | | Corporate & | | | | | Ophthalmic | | Corporate & | | | | | | Technology | | Other | | Total | | Technology | | Other | | Total | | | | | | | | | | | | | | | | | | | | Operating Income | | | | | | | | | | | | | | | | | | | Revenue | | $ | — | | $ | — | | $ | — | | $ | 22,625 | | $ | — | | $ | 22,625 | Cost of revenue | | | — | | | — | | | — | | | (490,361) | | | — | | | (490,361) | Gross Profit | | | — | | | — | | | — | | | (467,736) | | | — | | | (467,736) | Operating Expenses | | | | | | | | | | | | | | | | | | | Research and development: | | | | | | | | | | | | | | | | | | | Salaries and benefits | | | 424,032 | | | — | | | 424,032 | | | 1,752,197 | | | — | | | 1,752,197 | Non-cash stock based compensation expenses | | | 157,291 | | | — | | | 157,291 | | | 232,154 | | | — | | | 232,154 | Facilities expenses | | | 62,432 | | | — | | | 62,432 | | | 278,134 | | | — | | | 278,134 | Direct clinical and non-clinical expenses | | | 16,263 | | | — | | | 16,263 | | | 722,126 | | | — | | | 722,126 | Other expenses | | | 14,560 | | | — | | | 14,560 | | | 69,255 | | | — | | | 69,255 | Supplies and materials | | | — | | | — | | | — | | | 1,249,597 | | | — | | | 1,249,597 | Depreciation expense | | | — | | | — | | | — | | | 293,710 | | | — | | | 293,710 | Total research and development | | | 674,578 | | | — | | | 674,578 | | | 4,597,173 | | | — | | | 4,597,173 | | | | | | | | | | | | | | | | | | | | Selling, general, and administrative | | | | | | | | | | | | | | | | | | | Non-cash stock based compensation | | | 326,363 | | | 5,190,000 | | | 5,516,363 | | | 308,902 | | | — | | | 308,902 | Professional fees | | | 1,164,039 | | | — | | | 1,164,039 | | | 637,619 | | | — | | | 637,619 | Salaries and benefits | | | 361,513 | | | 10,000 | | | 371,513 | | | 1,497,747 | | | — | | | 1,497,747 | Insurance expense | | | 209,000 | | | — | | | 209,000 | | | 210,582 | | | — | | | 210,582 | Investor relations | | | 140,948 | | | — | | | 140,948 | | | 115,983 | | | — | | | 115,983 | Director fees and expense | | | 97,500 | | | — | | | 97,500 | | | 101,875 | | | — | | | 101,875 | Other expenses | | | 68,275 | | | — | | | 68,275 | | | 350,004 | | | — | | | 350,004 | Facilities expense | | | 83,263 | | | — | | | 83,263 | | | 122,307 | | | — | | | 122,307 | Sales and marketing | | | 15,066 | | | — | | | 15,066 | | | 263,340 | | | — | | | 263,340 | Travel, lodging and meals | | | 10,354 | | | 2,383 | | | 12,737 | | | 150,476 | | | — | | | 150,476 | Total selling, general, and administrative | | | 2,476,321 | | | 5,202,383 | | | 7,678,704 | | | 3,758,835 | | | — | | | 3,758,835 | Reacquisition of license rights | | | — | | | — | | | — | | | 2,864,600 | | | — | | | 2,864,600 | Total Operating Expenses | | | 3,150,899 | | | 5,202,383 | | | 8,353,282 | | | 11,220,608 | | | — | | | 11,220,608 | Segment Net Loss | | | (3,150,899) | | | (5,202,383) | | | (8,353,282) | | | (11,688,344) | | | — | | | (11,688,344) | Other (Expense) Income | | | | | | | | | | | | | | | | | | | Other segment income (expense) (1) | | | (337,637) | | | — | | | (337,637) | | | 634,645 | | | — | | | 634,645 | Total Other Expense, net | | | (337,637) | | | — | | | (337,637) | | | 634,645 | | | — | | | 634,645 | Net Loss | | $ | (3,488,536) | | $ | (5,202,383) | | $ | (8,690,919) | | $ | (11,053,699) | | $ | — | | $ | (11,053,699) |
| | | | | | | | | | | | | | | | | | | | | For the Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | Ophthalmic | | Corporate & | | | | Ophthalmic | | Corporate & | | | | | Technology | | Other | | Total | | Technology | | Other | | Total | Operating Income | | | | | | | | | | | | | | | | | | | Revenue | | $ | 14,720 | | $ | — | | $ | 14,720 | | $ | 27,618 | | $ | — | | $ | 27,618 | Cost of revenue | | | (48) | | | — | | | (48) | | | (693,388) | | | — | | | (693,388) | Gross Profit | | | 14,672 | | | — | | | 14,672 | | | (665,770) | | | — | | | (665,770) | Operating Expenses | | | | | | | | | | | | | | | — | | | | Research and development: | | | | | | | | | | | | | | | | | | | Salaries and benefits | | | 844,032 | | | — | | | 844,032 | | | 3,757,798 | | | — | | | 3,757,798 | Non-cash stock based compensation expenses | | | 221,968 | | | — | | | 221,968 | | | 438,740 | | | — | | | 438,740 | Facilities expenses | | | 133,269 | | | — | | | 133,269 | | | 446,573 | | | — | | | 446,573 | Direct clinical and non-clinical expenses | | | 88,920 | | | — | | | 88,920 | | | 1,336,305 | | | — | | | 1,336,305 | Other expenses | | | 34,302 | | | — | | | 34,302 | | | 114,405 | | | — | | | 114,405 | Supplies and materials | | | 25,130 | | | — | | | 25,130 | | | 2,309,784 | | | — | | | 2,309,784 | Depreciation expense | | | — | | | — | | | — | | | 625,169 | | | — | | | 625,169 | Total research and development | | | 1,347,621 | | | — | | | 1,347,621 | | | 9,028,774 | | | — | | | 9,028,774 | | | | | | | | | | | | | | | | | | | | Selling, general, and administrative | | | | | | | | | | | | | | | | | | | Non-cash stock based compensation | | | 541,314 | | | 5,190,000 | | | 5,731,314 | | | 648,548 | | | — | | | 648,548 | Professional fees | | | 2,173,425 | | | — | | | 2,173,425 | | | 1,529,661 | | | — | | | 1,529,661 | Salaries and benefits | | | 853,493 | | | 10,000 | | | 863,493 | | | 2,983,915 | | | — | | | 2,983,915 | Insurance expense | | | 423,457 | | | — | | | 423,457 | | | 429,716 | | | — | | | 429,716 | Investor relations | | | 259,635 | | | — | | | 259,635 | | | 228,624 | | | — | | | 228,624 | Director fees and expense | | | 195,000 | | | — | | | 195,000 | | | 213,750 | | | — | | | 213,750 | Other expenses | | | 181,482 | | | — | | | 181,482 | | | 425,805 | | | — | | | 425,805 | Facilities expense | | | 166,419 | | | — | | | 166,419 | | | 248,954 | | | — | | | 248,954 | Sales and marketing | | | 37,087 | | | — | | | 37,087 | | | 449,568 | | | — | | | 449,568 | Travel, lodging and meals | | | 17,331 | | | 2,383 | | | 19,714 | | | 237,483 | | | — | | | 237,483 | Total selling, general, and administrative | | | 4,848,643 | | | 5,202,383 | | | 10,051,026 | | | 7,396,024 | | | — | | | 7,396,024 | Reacquisition of license rights | | | — | | | — | | | — | | | 4,864,600 | | | — | | | 4,864,600 | Total Operating Expenses | | | 6,196,264 | | | 5,202,383 | | | 11,398,647 | | | 21,289,398 | | | — | | | 21,289,398 | Segment Net Loss | | | (6,181,592) | | | — | | | (11,383,975) | | | (21,955,168) | | | — | | | (21,955,168) | Other (Expense) Income | | | | | | | | | | | | | | | | | | | Other segment income (expense) (1) | | | (790,477) | | | — | | | (790,477) | | | (20,632) | | | — | | | (20,632) | Total Other Expense, net | | | (790,477) | | | — | | | (790,477) | | | (20,632) | | | — | | | (20,632) | Net Loss | | $ | (6,972,069) | | $ | (5,202,383) | | $ | (12,174,452) | | $ | (21,975,800) | | $ | — | | $ | (21,975,800) |
| | | | | | | | | | | | | | | | | | | | | As of | | | June 30, 2025 | | December 31, 2024 | | | Ophthalmic | | Corporate & | | | | | Ophthalmic | | Corporate & | | | | | | Technology | | Other | | Total | | Technology | | Other | | Total | Segment Assets | | | | | | | | | | | | | | | | | | | Cash | | $ | 7,532,291 | | $ | — | | $ | 7,532,291 | | $ | 2,121,463 | | $ | — | | $ | 2,121,463 | Digital assets | | | — | | | 45,500,000 | | | 45,500,000 | | | — | | | — | | | — | All other assets | | | 2,627,345 | | | — | | | 2,627,345 | | | 1,546,296 | | | — | | | 1,546,296 | Total Assets | | $ | 10,159,636 | | $ | 45,500,000 | | $ | 55,659,636 | | $ | 3,667,759 | | $ | — | | $ | 3,667,759 |
(1) | Other segment expenses and losses include interest income, interest expense, gain (loss) on extinguishment of debt and change in fair value of equity consideration. |
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