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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 15 – SEGMENT REPORTING

 

The Company operates as a single reportable segment, as the Chief Operating Decision Maker (“3”), the Chief Executive Officer (“CEO”), evaluates the business as a whole and does not receive discrete financial information for separate business units. The CODM is responsible for evaluating financial results and making resource allocation decisions. The Company determined that it has one operating and reportable segment based on the way the CODM organizes, manages, and evaluates the Company’s operations on a consolidated basis.

 

The CODM assesses the Company's financial performance based on operating loss, which aligns with the amount reported in the statements of comprehensive loss. The following table presents a reconciliation of segment operating loss to net loss for the three months ended March 31, 2026 and 2025:

         
 
 		  
 		 Three months ended
March 31, 2026		  
 		  
 		 Three months ended
March 31, 2025		  
 
         
         
NET SALES  $29,167   $22,917 
           
COST OF SALES   1,336    2,028 
           
OPERATING EXPENSES          
Research and development   3,490,295    3,089,218 
General and administrative   3,262,866    1,837,052 
    6,753,161    4,926,270 
           
SEGMENT OPERATING LOSS   (6,725,330)   (4,905,381)
           
OTHER INCOME (EXPENSES)          
Interest income   461,275    187,848 
Commitment fee   —    (8,029)
Gain (loss) on disposal of property and equipment and intangible assets   (36,409)   28,800 
Other expense   (76)   (262)
           
           
NET LOSS  $(6,300,540)  $(4,697,024)

 

Significant Segment Expenses

 

 The CODM regularly reviews the following significant expense categories in evaluating the segment performance:

 

•   Research and Development: includes costs related to personnel, laboratory and wafer fabrication materials and supplies, prototype device development and wafer fabrication expenses, and third-party consulting costs aimed at developing high-performance electro-optic polymer materials.
 •   General and Administrative: includes personnel costs, professional fees, and other overhead expenses.
 •   Cost of Sales: represents labor costs, material costs and manufacturing overhead costs associated with the production of materials transferred to the customer under the technology license and material supply agreement at the Company’s facility.

 

There were no other segment items for the three months ended March 31, 2026 and 2025.

 

Segment assets

  

The CODM does not regularly review asset information by segment; accordingly, the Company has not disclosed segment assets.

 

Entity-Wide Disclosures

 

•   Geographic Revenue Information: for the three months ended March 31, 2026, $29,167 of the Company’s net sales were generated outside the United States. For the three months ended March 31, 2025, $22,917 of the Company's net sales were generated outside the United States. Revenue is attributed to geographic areas based on the customer’s bill-to location. For the three months ended March 31, 2026 and 2025, 100% of net sales were generated in Switzerland.
•   Long-lived assets: long-lived assets, consisting of property and equipment, intangible assets, and right of use assets under operating leases were all located in the United States and totaled $9,411,107 and $9,376,041 as of March 31, 2026 and December 31, 2025, respectively.
•   Major Customers: for three months ended March 31, 2026 and 2025, one customer accounted for 10% or more of total revenue. The related revenue was attributable to the Company’s single reportable segment.