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

19. SEGMENT INFORMATION

 

The Company reports its segment information to reflect the manner in which the Company’s chief operating decision maker (“CODM”) reviews and assesses performance. The Company’s Interim Chief Executive Officer has responsibilities as the CODM and reviews and assess the performance of the Company as a whole. The primary financial measures used by the CODM to evaluate performance and allocate resources are net income (loss) and operating income (loss). The CODM uses net income (loss) and operating income (loss) to evaluate the performance of the Company’s ongoing operations and as part of the Company’s internal planning and forecasting processes. Information on Net income (loss) and Operating income (loss) is disclosed in the Consolidated Statements of Operations. Segment expenses and other segment items are provided to the CODM on the same basis as disclosed in the Consolidated Statements of Operations. The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements. During the fourth quarter of 2025, we realigned our internal reporting to better reflect how management reviews operating results and allocates resources. As a result of this CODM realignment, Direct Marketing is no longer a reportable segment and is now reported within Corporate and Other or the year ended December 31, 2025. This change did not impact consolidated revenue, consolidated net income (loss), total assets, or cash flows for any period presented; it only impacted the presentation of segment information. Segment information for prior periods presented has been recast to conform to the current-period segment presentation. Our four reporting segments are:

 

Premier Packaging: (“Premier”) Premier Packaging Corporation provides custom packaging services and serves clients in the pharmaceutical, nutraceutical, consumer goods, beverage, specialty foods, confections, photo packaging and direct marketing industries, among others. The group also provides active and intelligent packaging and document security printing services for end-user customers. In addition, the division produces a wide array of printed materials, such as folding cartons and paperboard packaging, security paper, vital records, prescription paper, birth certificates, receipts, identification materials, entertainment tickets, secure coupons and parts tracking forms. The division also provides resources and production equipment for our ongoing research and development of security printing, brand protection, consumer engagement and related technologies.

 

Commercial Lending: (“Commercial Lending”) through its operating company, American Pacific Financial, Inc. (“APF”) represents our financing business line. is organized for the purposes of being a financial network holding company, focused providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special purpose acquisition company) consulting, and advisory capital raising services. From this financial platform, the Company shall provide an integrated suite of financial services for businesses that shall include commercial business lines of credit, land development financing, inventory financing, third party loan servicing, and services that address the financial needs of the world Gig Economy.

 

Biotechnology: (“Biotech”) targets unmet, urgent medical needs and expands the borders of medical and pharmaceutical science. Biotech drives mission-oriented research, development, and commercialization of solutions for medical advances in human wellness and healthcare. By leveraging technology and new science with strategic partnerships, Biotech provides advances in drug discovery for the prevention, inhibition, and treatment of neurological, oncology and immuno-related diseases. Other exciting technologies include a breakthrough alternative sugar aimed to combat diabetes and functional fragrance formulations aimed at the industrial and medical industry.

 

Securities and Investment Management: (“Securities”) Securities was established to develop and/or acquire assets in the securities trading or management arena, and to pursue, among other product and service lines, real estate investment funds, broker dealers, and mutual funds management. T

 

 

Approximate information concerning the Company’s operations by reportable segment for the twelve months ended December 31, 2025 and 2024 is as follows. Segment information for prior periods presented has been recast to conform to the current-period segment presentation. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently, would report the results contained herein:

 

Year Ended December 31, 2025  Product Packaging   Commercial Lending   Biotechnology   Securities   Corporate/
Other		   Total 
Revenue  $18,150,000   $45,000   $38,000   $2,524,000   $-   $20,757,000 
Cost of Revenue   16,619,000    20,000    424,000    5,844,000    19,000    22,926,000 
Gross profit (loss)   1,531,000    25,000    (386,000)   (3,320,000)   (19,000)   (2,169,000)
Operating expense   3,360,000    287,000    4,041,000    2,302,000    2,275,000    12,265,000 
Operating income (loss)   (1,829,000)   (262,000)   (4,427,000)   (5,622,000)   (2,294,000)   (14,434,000)
Other income (expense)   (143,000)   (236,000)   3,862,000    (11,904,000)   (4,633,000)   (13,054,000)
Net income (loss) from operations before taxes  $(1,972,000)  $(498,000)  $(565,000)  $(17,526,000)  $(6,727,000)  $(27,488,000)

 

Year Ended December 31, 2024  Product Packaging   Commercial Lending   Direct Marketing     Biotechnology   Securities   Corporate    Total 
Revenue  $16,107,000   $226,000   $  -     $-   $2,764,000   $-   $19,097,000 
Cost of revenue   15,230,000    712,000    

5,000

      42,000    7,550,000    -    23,539,000 
Gross profit (loss)   877,000    (486,000)   

(5,000

 )    (42,000)   (4,786,000)   -    (4,442,000)
Operating expense   3,029,000    402,000    

254,000

      28,929,000    2,759,000    2,781,000    38,154,000 
Operating income (loss)   (2,152,000)   (888,000)   

(259,000

 )    (28,971,000)   (7,545,000)   

(2,781,000

)   (42,596,000)
Other income (expense)   (159,000)   (1,186,000)   

81,000

      (3,784,000)   (6,822,000)   768,000    (11,102,000)
Net income (loss) from operations before taxes   (2,311,000)   (2,074,000)   

(178,000

 )    (32,755,000)   (14,367,000)   

(2,013,000

)   (53,698,000)

 

 

The following tables disaggregate our business segment revenues by major source:

 

Printed Products Revenue Information:

 

Twelve months ended December 31, 2025    
Packaging Printing and Fabrication  $17,710,000 
Commercial and Security Printing   376,000 
Real Property Rental Income   64,000 
Total Printed Products Revenue  $18,150,000 

 

Twelve months ended December 31, 2024    
Packaging Printing and Fabrication  $15,639,000 
Commercial and Security Printing   409,000 
Real Property Rental Income   59,000 
Total Printed Products Revenue  $16,107,000 

 

Commercial Lending Revenue Information:

 

Twelve months ended December 31, 2025    
Commercial lending  $45,000 
Total Commercial Lending Revenue  $45,000 

 

Twelve months ended December 31, 2024    
Commercial lending  $226,000 
Total Commercial Lending Revenue  $226,000 

 

Biotechnology Revenue Information:

 

Twelve months ended December 31, 2025    
Retail internet sales   38,000 
Total Biotechnology Revenue  $38,000 

 

Twelve months ended December 31, 2024     
Retail internet sales  $- 
Total Biotechnology Revenue  $- 

 

Securities Revenue Information:

 

Twelve months ended December 31, 2025    
Rental  $1,246,000 
Commission   1,278,000 
Total Securities Revenue  $2,524,000 

 

Twelve months ended December 31, 2024    
Rental  $1,792,000 
Commission   972,000 
Total Securities Revenue  $2,764,000