| Segment Reporting Disclosure [Text Block] |
NOTE 4 – SEGMENT INFORMATION
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. Our CEO and Chairman of the Board of Directors (the "Board of Directors" or the "Board"), as the CODM, makes decisions about resources to be acquired, allocated and utilized to each operating segment. The Company is currently comprised of two major operating segments:
| |
● |
Bollinger Motors. The Company acquired the controlling interest of Bollinger Motors Inc. in September 2022 and increased the ownership to more than 95% in May 2025. This acquisition positioned the Company into the medium duty truck classes 4-6, along with the Sport Utility and Pick Up Trucks EV segments. The first Bollinger vehicles were sold in September 2024. |
| |
● |
Bollinger Commercial. In November 2022, the Company acquired from Electric Last Mile Solutions ("ELMS") a manufacturing plant and all the intellectual property needed to engineer and build Class 1 and Class 3 electric vehicles. The first vehicles were produced in Tunica, Mississippi, and were delivered to customers during the 12 months ended September 30, 2023. |
All long-lived assets of the Company are located in the United States of America. All revenue presented in these condensed consolidated financial statements relates to contracts with customers located in the United States of America.
The table below represents the main financial information pertaining to the segments (there were no material differences from the last annual report regarding segmentation or measuring segment profit or loss).
| Segment reporting for the three and nine months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
| |
|
Bollinger Motors |
|
|
Bollinger Commercial |
|
|
Total |
|
| Revenue for the three months ended June 30, 2025 |
|
$ |
266,281 |
|
|
$ |
207,405 |
|
|
$ |
473,686 |
|
| Revenue for the nine months ended June 30, 2025 |
|
|
4,044,590 |
|
|
|
4,299,721 |
|
|
|
8,344,311 |
|
| Segment's net loss before impairment and income taxes for the three months ended June 30, 2025 |
|
|
(11,796,499 |
) |
|
|
(119,645,152 |
) |
|
|
(131,441,651 |
) |
| Segment's net loss before impairment and income taxes for the nine months ended June 30, 2025 |
|
|
(36,686,465 |
) |
|
|
(255,426,293 |
) |
|
|
(292,112,758 |
) |
| Segment's net loss before income taxes for the three months ended June 30, 2025 |
|
|
(23,802,951 |
) |
|
|
(107,964,873 |
) |
|
|
(131,767,824 |
) |
| Segment's net loss before income taxes for the nine months ended June 30, 2025 |
|
|
(49,019,090 |
) |
|
|
(255,426,293 |
) |
|
|
(304,445,383 |
) |
| Total segment assets |
|
|
41,755,371 |
|
|
|
47,473,735 |
|
|
|
89,229,106 |
|
| Segment reporting for the three and nine months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
| |
|
Bollinger Motors |
|
|
Bollinger Commercial |
|
|
Total |
|
| Revenue for the three months ended June 30, 2024 |
|
$ |
— |
|
|
$ |
65,235 |
|
|
$ |
65,235 |
|
| Revenue for the nine months ended June 30, 2024 |
|
|
— |
|
|
|
98,570 |
|
|
|
98,570 |
|
| Segment's net loss before impairment and income taxes for the three months ended June 30, 2024 |
|
|
(10,669,490 |
) |
|
|
(80,927,863 |
) |
|
|
(91,597,353 |
) |
| Segment's net loss before impairment and income taxes for the nine months ended June 30, 2024 |
|
|
(29,877,457 |
) |
|
|
(195,505,316 |
) |
|
|
(225,382,773 |
) |
| Segment's net loss before income taxes for the three months ended June 30, 2024 |
|
|
(10,669,490 |
) |
|
|
(80,957,923 |
) |
|
|
(91,627,413 |
) |
| Segment's net loss before income taxes for the nine months ended June 30, 2024 |
|
|
(118,383,314 |
) |
|
|
(212,491,026 |
) |
|
|
(330,874,340 |
) |
| Total segment assets |
|
|
51,366,330 |
|
|
|
140,963,436 |
|
|
|
192,329,766 |
|
|