| Schedule of Reportable Segment Information |
The following table presents information about the Company’s Technology segment
for the three and six months ended June 30, 2025 (Successor) and the three and six months ended June 30, 2024 (Predecessor). The information includes the significant expense categories and amounts regularly provided to the CODM for the
reportable segment, which may reflect a different presentation than amounts presented elsewhere in the condensed consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers
those transactions in assessing the results of the Technology segment.
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$254
|
|
|
$—
|
|
|
$255
|
|
|
$—
|
|
Interest income
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
$2,861
|
|
|
$—
|
|
|
$3,045
|
|
|
$—
|
|
Employee costs
|
|
|
3,517
|
|
|
2,701
|
|
|
7,804
|
|
|
5,330
|
|
Facilities, equipment & supplies
|
|
|
80
|
|
|
181
|
|
|
461
|
|
|
399
|
|
General and administrative
|
|
|
840
|
|
|
143
|
|
|
3,235
|
|
|
286
|
|
Outside services
|
|
|
501
|
|
|
175
|
|
|
809
|
|
|
412
|
|
Research and development
|
|
|
3,678
|
|
|
690
|
|
|
8,023
|
|
|
1,343
|
|
Sales and marketing
|
|
|
148
|
|
|
194
|
|
|
432
|
|
|
357
|
|
Depreciation expense *
|
|
|
156
|
|
|
64
|
|
|
301
|
|
|
69
|
|
Interest expense
|
|
|
190
|
|
|
55
|
|
|
317
|
|
|
491
|
|
Income tax expense (benefit)
|
|
|
(2,645)
|
|
|
—
|
|
|
(4,104)
|
|
|
—
|
|
Goodwill impairment
|
|
|
113,344
|
|
|
—
|
|
|
346,557
|
|
|
—
|
|
Other **
|
|
|
91
|
|
|
106
|
|
|
195
|
|
|
1,750
|
|
Total Expenses
|
|
|
$122,761
|
|
|
$4,309
|
|
|
$367,075
|
|
|
$10,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net Loss
|
|
|
$(122,507)
|
|
|
$(4,309)
|
|
|
$(366,816)
|
|
|
$(10,437)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
*
|
Represents depreciation expense not already included in Cost of sales.
|
|
**
|
Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous
expenses.
|
The following table reconciles the reportable segment to amounts reflected in our
condensed consolidated financial statements.
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|
|
|
|
|
|
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Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$254
|
|
|
$—
|
|
|
$255
|
|
|
$—
|
|
Other
|
|
|
249
|
|
|
250
|
|
|
499
|
|
|
501
|
|
Elimination of management services provided to
Technology
|
|
|
(27)
|
|
|
(27)
|
|
|
(54)
|
|
|
(54)
|
|
Consolidated Revenues
|
|
|
$476
|
|
|
$223
|
|
|
$700
|
|
|
$447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$190
|
|
|
$55
|
|
|
$317
|
|
|
$491
|
|
Other
|
|
|
2,747
|
|
|
44
|
|
|
4,382
|
|
|
99
|
|
Consolidated Interest Expense
|
|
|
$2,937
|
|
|
$99
|
|
|
$4,699
|
|
|
$590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$—
|
|
|
$—
|
|
|
$4
|
|
|
$—
|
|
Other
|
|
|
290
|
|
|
56
|
|
|
510
|
|
|
142
|
|
Consolidated Interest Income
|
|
|
$290
|
|
|
$56
|
|
|
$514
|
|
|
$142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$5,629
|
|
|
$64
|
|
|
$11,177
|
|
|
$69
|
|
Other
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Consolidated Depreciation and
Amortization Expense
|
|
|
$5,634
|
|
|
$64
|
|
|
$11,182
|
|
|
$69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Loss:
|
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|
|
|
|
|
|
|
|
|
|
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|
Technology
|
|
|
$(122,508)
|
|
|
$(4,309)
|
|
|
$(366,817)
|
|
|
$(10,437)
|
|
Other
|
|
|
(18,767)
|
|
|
(7,005)
|
|
|
(28,132)
|
|
|
(8,403)
|
|
Consolidated Net Loss
|
|
|
$(141,275)
|
|
|
$(11,314)
|
|
|
$(394,949)
|
|
|
$(18,840)
|
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Capital Expenditures:
|
|
|
|
|
|
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|
|
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|
Technology
|
|
|
$15
|
|
|
$66
|
|
|
$932
|
|
|
$706
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consolidated Capital Expenditures
|
|
|
$15
|
|
|
$66
|
|
|
$932
|
|
|
$706
|
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|
|
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|
|
|
|
|
|
|
|
|
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|
The following table presents information about the Company’s Technology segment
for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, and for the Predecessor year ended December 31, 2023. The information includes the significant expense
categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the consolidated financial statements. Inter-segment transactions are not
eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.
|
|
|
|
|
|
|
|
|
Revenue from external customers
|
|
|
$233
|
|
|
$95
|
|
|
$—
|
|
Interest income
|
|
|
—
|
|
|
7
|
|
|
14
|
|
Cost of sales
|
|
|
$3,752
|
|
|
$777
|
|
|
$—
|
|
Employee costs
|
|
|
3,933
|
|
|
8,076
|
|
|
6,849
|
|
Facilities, equipment & supplies
|
|
|
121
|
|
|
581
|
|
|
499
|
|
General and administrative
|
|
|
751
|
|
|
398
|
|
|
296
|
|
Outside services
|
|
|
390
|
|
|
842
|
|
|
844
|
|
Research and development
|
|
|
3,224
|
|
|
2,711
|
|
|
1,443
|
|
Sales and marketing
|
|
|
193
|
|
|
442
|
|
|
288
|
|
Depreciation expense*
|
|
|
6
|
|
|
99
|
|
|
8
|
|
Interest expense
|
|
|
90
|
|
|
564
|
|
|
1,039
|
|
Income tax expense (benefit)
|
|
|
(3,637)
|
|
|
432
|
|
|
—
|
|
Other**
|
|
|
168
|
|
|
1,832
|
|
|
(635)
|
|
Total Expenses
|
|
|
$8,991
|
|
|
$16,754
|
|
|
$10,631
|
|
Net Loss
|
|
|
$(8,758)
|
|
|
$(16,652)
|
|
|
$(10,617)
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Represents depreciation not already included in Cost of sales.
|
|
**
|
Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous
expenses.
|
The following table reconciles the reportable segment to amounts reflected in our
consolidated financial statements.
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$233
|
|
|
$95
|
|
|
$—
|
|
Other
|
|
|
250
|
|
|
750
|
|
|
1,198
|
|
Elimination of management services provided to
Technology
|
|
|
(27)
|
|
|
(81)
|
|
|
(81)
|
|
Consolidated Revenues
|
|
|
$456
|
|
|
$764
|
|
|
$1,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$90
|
|
|
$564
|
|
|
$1,039
|
|
Other
|
|
|
1,240
|
|
|
1,069
|
|
|
328
|
|
Consolidated Interest Expense
|
|
|
$1,330
|
|
|
$1,633
|
|
|
$1,367
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$—
|
|
|
$7
|
|
|
$14
|
|
Other
|
|
|
198
|
|
|
326
|
|
|
129
|
|
Consolidated Interest Income
|
|
|
$198
|
|
|
$333
|
|
|
$143
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization Expense:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$5,455
|
|
|
$146
|
|
|
$8
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consolidated Depreciation and Amortization Expense
|
|
|
$5,455
|
|
|
$146
|
|
|
$8
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$(8,758)
|
|
|
$(16,652)
|
|
|
$(10,617)
|
|
Other
|
|
|
(61,335)
|
|
|
(11,546)
|
|
|
(20,367)
|
|
Consolidated Net Loss
|
|
|
$(70,093)
|
|
|
$(28,198)
|
|
|
$(30,984)
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
Technology
|
|
|
$266
|
|
|
$736
|
|
|
$645
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consolidated Capital Expenditures
|
|
|
$266
|
|
|
$736
|
|
|
$645
|
|
|
|
|
|
|
|
|
|
|
|
|