v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 15—SEGMENT INFORMATION

 

The Company operates two reportable segments: Bitcoin Operations and Healthcare Operations.

 

●Bitcoin Operations: Manages the Company’s digital asset treasury strategy, including acquiring and holding Bitcoin and other digital assets, as well as related investment activities.
●Healthcare Operations: Provides outpatient services through clinics and telemedicine platforms.

 

Prior to 2025, the Company operated as a single reportable segment of Healthcare Operations. In 2025, following the Merger (see Note 3), the Company established the Bitcoin Operations segment. The Company now evaluates performance based on these two reportable segments, with corporate overhead reported separately as Other.

 

The Company evaluates segment performance based on operating income (loss) which represents revenues less operating expenses attributable to each segment.

 

 

The following tables represent our results by segment information for the year ended December 31, 2025:

 

   Bitcoin Operations   Healthcare   Other(1)   Total 
                 
Revenue  $-   $1,821,315   $-   $1,821,315 
                     
Operating expenses:                    
Compensation   349,098    4,710,456    6,028,501    11,088,055 
General and administrative   718,869    4,157,646    6,885,858    11,762,373 
Depreciation   -    82,895    -    82,895 
Other operating expenses   -    17,582    -    17,582 
Change in fair value of digital assets   166,225,876    (131,969)   -    166,093,907 
Gain/loss on investments, net   9,915,745    -    -    9,915,745 
Total operating expenses  $177,209,588   $8,836,610   $12,914,359   $198,960,557 
Segment operating loss  $(177,209,588)  $(7,015,295)  $(12,914,359)  $(197,139,242)

 

(1)The Company included the revenue and operating expenses allocated to Other to show the rollup to the consolidated statement of operations for the year ended December 31, 2025.

 

   2025 
Total segment loss  $(184,224,883)
Corporate expenses   (12,914,359)
Operating loss   (197,139,242)
Other income, net   73,342 
Interest expense   (7,060,581)
Change in fair value of call option - related party   226,374,000 
Debt restructuring costs   (14,722,631)
Loss on acquisition of Nakamoto Holdings   (59,753,811)
Loss before income taxes  $(52,228,923)

 

The following tables represent segment information for the year ended December 31, 2024:

 

   Bitcoin Operations   Healthcare Operations(1)   Other   Total 
                 
Revenue  $              -   $2,719,840   $-   $2,719,840 
                     
Operating expenses:                    
Compensation   -    3,562,405    -    3,562,405 
General and administrative   -    1,907,055    -    1,907,055 
Depreciation   -    136,606    -    136,606 
Other operating expenses   -    460,545    -    460,545 
Total operating expenses  $-   $6,066,611   $-   $6,066,611 
Segment operating loss  $-   $(3,346,771)  $-   $(3,346,771)

 

(1)In 2024, the Company operated as a single reportable segment (Healthcare Operations) and did not separately track or allocate corporate overhead expenses. All operating expenses are reflected in the Healthcare Operations segment. Beginning in 2025 after the Merger with Nakamoto Holdings, the Company began separately tracking corporate expenses following the establishment of the Bitcoin Operations segment.

 

 

   2024 
Total segment loss  $(3,346,771)
Corporate expenses   - 
Operating loss   (3,346,771)
Other income, net   161,461 
Interest expense   (393,448)
Debt restructuring costs   (38,889)
Loss before income taxes  $(3,617,647)

 

The following table represents assets by segment as of December 31, 2025 and 2024:

 

   Bitcoin Operations   Healthcare Operations(1)   Total 
             
Segment assets, 2025  $508,406,818   $2,083,184   $510,490,002 
Segment assets, 2024   -    3,677,992    3,677,992 

 

(1)In 2024, the Company operated as a single reportable segment (Healthcare Operations). All assets are shown under Healthcare Operations as assets were not allocated between segment-specific and corporate in 2024. Beginning in 2025, the Company began separately tracking corporate assets.

 

   2025   2024 
Total assets for reportable segments  $510,490,002   $3,677,992 
Other assets   220,117,752    - 
Consolidated total  $730,607,754   $3,677,992