v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment and Geographic Information [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION

13. SEGMENT AND GEOGRAPHIC INFORMATION

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. We manage our business globally within one operating segment in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

 

The Company has one reportable segment – biospecimens. The Company derive its revenue by procuring specimens from its healthcare provider network and then distributing these annotated biospecimens to its research client base. 

 

Set out below is information about the assets and liabilities as at June 30, 2025 and December 31, 2024 and profit or loss from each segment for the six months ended June 30, 2025 and 2024.

 

   June 30,
2025		   December 31,
2024		 
Financial statement line item:        
Reportable segment assets  $6,034,501   $9,350,230 
Reportable segment liabilities   5,412,528    6,039,222 

 

   Six Months Ended
June 30,		 
   2025   2024 
Financial statement line item:        
Revenues from external customers  $1,770,645   $5,153,672 
Less:          
Cost of revenue, excluding amortization   1,005,679    2,328,621 
Technology expenses, excluding amortization   346,242    748,339 
Sales and marketing expenses   605,522    1,748,890 
Supply development expenses   192,771    335,350 
Fulfillment expenses   541,991    844,043 
Other segment items (a)   910,958    2,986,859 
Depreciation & amortization expense   865,441    1,203,433 
Interest expense   1,946    8,939 
Interest income   (3,186)   (39,661)
Interest and penalties on sales tax liability   8,920    
—
 
Income tax expense   
—
    
—
 
Reportable segment income (loss)  $(2,705,639)  $(5,011,141)

 

  (a) Other segment items included in reportable segment net loss consists mainly of general and administrative expenses for corporate functions, such as insurance expenses, associated software licenses, other payroll and related expenses for human resources, legal, finance and executive teams, other consulting and professional fees for corporate services rendered, other marketing expenses, franchise tax, other gains and losses, and other overhead expense.

The Company’s reportable business segment sell their goods in four geographic locations:

 

  ● Americas

 

  ● Europe

 

  ● Middle East/Africa

 

  ● Asia Pacific

 

The following table represents the percentage of total revenue by geographic area, based on the location of the customer for the six months ended June 30, 2025 and 2024, respectively.

 

   2025   2024 
Americas   94.93%   88.27%
Europe, Middle East and Africa   2.47%   10.09%
Asia Pacific   2.60%   1.64%