v3.26.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment and Geographic Information [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION

13. SEGMENT AND GEOGRAPHIC INFORMATION

 

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. We manage our business globally within one operating segment in accordance with ASC Topic 280, Segment Reporting (“ASC 280”). Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

 

The Company has one reportable segment – biospecimens. The Company derive its revenue by procuring specimens from its healthcare provider network and then distributing these annotated biospecimens to its research client base. 

 

Set out below is information about the assets and liabilities as at December 31, 2025 and 2024 and profit or loss from each segment for the year ended December 31, 2025 and 2024.

 

   December 31,
2025		   December 31,
2024		 
Financial statement line item:        
Reportable segment assets  $9,531,410   $9,350,230 
Reportable segment liabilities   6,443,179    6,039,222 
   Year Ended
December 31,		 
   2025   2024 
Financial statement line item:        
Revenues from external customers  $1,928,998   $9,291,115 
Less:          
Cost of revenue, excluding amortization   1,713,333    5,111,157 
Technology expenses, excluding amortization   688,942    1,493,310 
Sales and marketing expenses   2,295,501    4,945,269 
Supply development expenses   246,979    537,888 
Fulfillment expenses   827,501    1,635,724 
Other segment items (a)   4,907,202    5,595,383 
Depreciation & amortization expense   1,730,902    2,294,248 
Interest expense   1,949    173,771 
Interest income   (3,748)   (44,133)
Interest and penalties on sales tax liability   7,969    46,303 
Income tax expense   —    — 
Reportable segment income (loss)  $(10,487,532)  $(12,497,805)

 

(a)Other segment items included in reportable segment net loss consists mainly of general and administrative expenses for corporate functions, such as insurance expenses, associated software licenses, other payroll and related expenses for human resources, legal, finance and executive teams, other consulting and professional fees for corporate services rendered, other marketing expenses, franchise tax, other gains and losses, and other overhead expense.

 

The Company’s reportable business segment sell their goods in four geographic locations:

 

  ● Americas

 

  ● Europe

 

  ● Middle East/Africa

 

  ● Asia Pacific

 

The following table represents the percentage of total revenue by geographic area, based on the location of the customer for the years ended December 31, 2025 and 2024, respectively.

 

    2025     2024  
Americas     94.74 %     85.13 %
Europe, Middle East and Africa     2.88 %     12.71 %
Asia Pacific     2.38 %     2.16 %