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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 18 – SEGMENT REPORTING

 

Chief Operating Decision Maker (CODM) and Segment Evaluation

 

On May 28, 2025, in connection with the acquisition of Streamex Exchange, the Company appointed Henry McPhie, former co-founder and CEO of Streamex Exchange, as its new Chief Executive Officer and Board of Directors. As a result of this leadership change, Mr. McPhie was designated as the Company’s new Chief Operating Decision Maker (“CODM”), replacing the Company’s former CEO and director.

 

Following this change, the Company re-evaluated its operating and reportable segments based on the internal financial information reviewed by the CODM for purposes of performance assessment and resource allocation. Although the acquisition of Streamex Exchange introduced a new line of business focused on digital asset infrastructure and tokenization of real-world assets (“Streamex Exchange platform), as of December 31, 2025, Streamex Exchange platform had not yet commenced material revenue-generating operations and remained in a development stage. Accordingly, the CODM has not yet begun reviewing discrete operating results of the Digital Asset Business separately for purposes of performance assessment or resource allocation. As of December 31, 2025, the CODM continues to evaluate the Company’s financial performance on a consolidated basis, and the internal reporting structure has not been modified to reflect discrete segment-level financial information.

 

Management has concluded that, as of December 31, 2025, the Company continues to operate as a single reportable segment. This conclusion is based on the manner in which the Chief Operating Decision Maker (“CODM”) evaluates financial performance and allocates resources, which does not include the regular review of discrete financial information for Streamex Exchange as a separate operating segment. Accordingly, no change in reportable segments has occurred as of December 31, 2025. The Company will continue to evaluate its internal reporting structure and CODM review practices and will update its segment disclosures in future periods if the criteria for separate operating or reportable segments are met.

 

In accordance with ASC 280-10-50-34, if a change in reportable segments occurs in a future period, the Company will recast prior-period segment disclosures retrospectively to reflect the new segment structure.

 

Basis of Segmentation

 

The Company’s CODM evaluates financial performance and allocates resources on a consolidated basis. The Company manages its operations as one integrated business, and the CODM does not receive or review separate financial information for Streamex Exchange or any other business unit. This approach reflects the manner in which the CODM:

 

  ● Assesses performance against budgeted targets;
  ● Forecasts future financial results;
  ● Makes strategic and operational decisions;
  ● Allocates resources across the organization.

 

Accordingly, the Company has determined that it operates as one reportable and operating segment as of December 31, 2025

 

 

Management continues to evaluate whether the Streamex Exchange business may become a separate reportable segment in future periods, depending on the scale and financial significance, and the CODM’s review of discrete operating results.

 

Segment Performance Measures

 

The primary measure used by the CODM to assess performance is consolidated net loss, which is reviewed in conjunction with other consolidated financial metrics. The CODM also evaluates actual results against budgeted amounts and considers consolidated operating results in making decisions about research and development investments and other strategic initiatives.

 

Segment assets are not separately reported to or reviewed by the CODM. Therefore, the Company does not disclose segment asset information. All assets are managed on a consolidated basis and are reported in the Company’s Consolidated Balance Sheets.

 

The Company does not currently disclose geographic revenue or customer concentration by segment, as such information is not reviewed by the CODM. However, this will be reassessed as operations evolve.

 

Revenue and Expense Information

 

Information concerning the operations of the Company’s reportable segments is as follows (in thousands):

  

       
   For the years ended December 31, 
   2025   2024 
         
Revenues  $-   $40 
Less Segment expenses:          
Research and development   31    742 
Research and development - stock-based compensation expenses   -    90 
General and administrative   10,414    4,762 
General and administrative - stock-based compensation expenses   57,115    6,867 
Impairment of long term assets   -    253 
Depreciation and amortization   3,534    188 
Total operating and segment expense   71,094    12,902 
Plus:          
Interest income (expense)   (1,592)   (11)
Change in fair value of equity investment   (777)   - 
Loss on warrant settlement   (8,049)   - 
Change in fair value of derivative liability   (389,680)   - 
Change in fair value of embedded derivative   7,015    - 
Gain on settlement and extinguishment of debt   196    2,511 
Other income (expense)   (33)   23 
Total other income (expense)   (392,920)   2,523 
Income taxes (benefit)   (1,254)   - 
Segment Net Loss  $(462,760)  $(10,339)
Non-controlling interest   (15)   9 
Net loss attributable to Streamex Corp.  $(462,775)  $(10,330)