v3.26.1
Segment Reporting
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segment Reporting

Note 12 – Segment Reporting

 

The Company operates in two reportable segments: Vocal and OG Collection. Following the divestiture of the Disposal Group on March 9, 2026 (see Note 10 – Acquisitions, Investments and Disposals), the Air Mobility segment is no longer presented as a reportable segment. All prior period segment information has been recast to exclude the results and balances of the discontinued operations.

 

The Company’s segments were determined based on the economic characteristics of its products and services, its internal organizational structure, the manner in which operations are managed and the criteria used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate performance, which include revenue, gross margin, operating profit, and platform engagement metrics.

 

Vocal

 

Vocal is the segment focused on development initiatives. Vocal houses the Company’s proprietary technology, including its flagship platform, Vocal, as well as oversees the Company’s content creation framework, and management of its digital communities and the relationships between brands and creators that this framework supports. Vocal derives revenues from Vocal creator subscriptions, platform processing fees and technology licensing fees. It also includes revenue generated from Vocal’s suite of agency services, offered through Vocal for Brands.

 

OG Collection

 

OG Collection is the segment focused on curation, preservation, and monetization of rare and archival media assets. This segment houses the Company’s legacy media library, consisting of vintage photographs, historical film negatives, celebrity ephemera, and related intellectual property. OG Collection oversees both the physical archive and the strategic transformation of these assets into modern IP across multiple formats.

 

OG Collection derives revenues from the sale and licensing of archival media, framed prints, and memorabilia; the development and sale of limited-edition books and publishing projects through Studio 96; and from collaborations with brands, creators, and institutions seeking access to OG’s library for creative or commercial use. This segment also includes revenue generated from custom publishing services and content creation built around OG Collection assets, with the goal of building long-term IP value through storytelling, editorial development, and collectible product releases.

The following tables present certain financial information related to our reportable segments and Corporate as of March 31,2026 and for the three months ended March 31,2026:

 

   As of March 31, 2026 
   Vocal   OG Collection   Corporate   Total 
Cash  $87,041   $28,983   $134,855   $250,879 
Accounts receivable, net   
—
    
—
    5,000    5,000 
Prepaid expenses and other current assets   18,686    23,117    117,275    159,078 
Deposits and other assets   
—
    
—
    
—
    
—
 
Intangible assets   
—
    
—
    25,258    25,258 
Goodwill   
—
    
—
    
—
    
—
 
All other assets   87,040    39,960    11,560,544    11,687,544 
Total Assets  $192,767   $92,060   $11,842,932   $12,127,759 
                     
Accounts payable and accrued liabilities  $325,936   $7,011   $4,731,744   $5,064,691 
Note payable, net of debt discount and issuance costs   90,175    81,853    25,346    197,374 
Deferred revenue   98,511    
—
    
—
    98,511 
All other Liabilities   
—
    
—
    3,029,061    3,029,061 
Total Liabilities  $514,622   $88,864   $7,786,151   $8,389,637 

 

   For the three months ended
March 31, 2026		 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $170,967   $32,760   $
—
   $203,727 
Cost of revenue   (3,999)   5,428    
—
    1,429 
Gross margin  $174,966   $27,332   $
—
   $202,298 
                     
Marketing   65,734    40,740    
—
    106,474 
Compensation   
—
    2,989    367,820    370,809 
Stock based compensation   
—
    
—
    11,307,992    11,307,992 
General and administrative   152,345    70,017    494,043    716,405 
Research and development   41,225    
—
    
—
    41,225 
Total operating expenses  $259,304   $113,746   $12,169,855   $12,542,905 
                     
Interest expense  $1,826   $4,110   $9,624   $15,560 
All other expenses   2,232,462    9,233    (1,153,439)   1,088,256 
                     
Other expenses (income), net  $2,234,288   $13,343   $(1,143,815)  $1,103,816 
                     
Loss before income tax provision and equity in net loss from unconsolidated investments  $(2,318,626)  $(99,757)  $(11,026,040)  $(13,444,423)

 

The total loss before income tax provision of the Company’s reportable segments for the three months ended March 31, 2026 was $(13,444,423). Results attributable to the discontinued Air Mobility disposal group of $(1,379,339) are excluded from segment results and presented separately on the consolidated statements of operations as net loss from discontinued operations. Total consolidated net loss from continuing operations for the three months ended March 31, 2026 was $(13,444,423). See Note 11 – Discontinued Operations for more information.

The following tables present certain financial information related to our reportable segments and Corporate as of December 31, 2025 and for the three months ended March 31, 2025:

 

   As of December 31, 2025 
   Vocal   OG Collection   Corporate   Total 
Cash  $124,605   $5,772   $91,365    221,742 
Accounts receivable, net   
—
    
—
    10,000    10,000 
Prepaid expenses and other current assets   93,731    
—
    167,190    260,921 
Intangible assets   
—
    
—
    28,043    28,043 
All other assets   
—
    
—
    1,430,991    1,430,991 
Total Assets  $218,336   $5,772   $1,727,589   $1,951,697 
                     
Accounts payable and accrued liabilities  $385,191   $250   $4,900,324    5,285,765 
Note payable, net of debt discount and issuance costs   66,228         54,902    121,130 
Deferred revenue   118,862    
—
    
—
    118,862 
Convertible Notes, net of debt discount and issuance costs   
—
    
—
    383,374    383,374 
All other Liabilities   
—
    
—
    1,668,038    1,668,038 
Total Liabilities  $570,281   $250   $7,006,638   $7,577,169 

 

The total assets of the Company’s reportable segments as of December 31, 2025 were $224,108. Assets attributable to the discontinued Air Mobility disposal group of $16,190,250 are excluded from segment assets and presented separately on the consolidated balance sheet as assets of discontinued operations (see Note 11 – Discontinued Operations). Total consolidated assets as of December 31, 2025 were $18,141,947.

 

The total liabilities of the Company’s reportable segments as of December 31, 2025 were $570,531. Liabilities attributable to the discontinued Air Mobility disposal group of $1,492,069 are excluded from segment liabilities and presented separately on the consolidated balance sheet as liabilities of discontinued operations (see Note 11 – Discontinued Operations). Total consolidated liabilities as of December 31, 2025 were $9,069,238.

 

   For the three months ended
March 31, 2025		 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $268,099   $15,985   $7,800   $291,884 
Cost of revenue   35,202    4,774    
—
    39,976 
Gross margin  $232,897   $11,211   $7,800   $251,908 
                     
Marketing   34,820    6,643    
—
    41,463 
Compensation   98,500    62,500    368,322    529,322 
Stock based compensation   
—
    
—
    949,924    949,924 
General and administrative   88,205    9,400    629,975    727,580 
Total operating expenses  $221,525   $78,543   $1,948,221   $2,248,289 
                     
Interest expense  $1,741   $
—
   $66,354   $68,095 
All other expenses   5,120    
—
    (331,113)   (325,993)
                     
Other expenses (income), net  $6,861   $
—
   $(264,759)  $(257,898)
                     
Income (Loss) before income tax provision and equity in net loss from unconsolidated investments  $4,511   $(67,332)  $(1,675,662)  $(1,738,483)

 

The total loss before income tax provision of the Company’s reportable segments for the three months ended March 31, 2025 was $(1,738,483). Results attributable to the discontinued Air Mobility disposal group of $(301,192) are excluded from segment results and presented separately on the consolidated statements of operations as net loss from discontinued operations. Total consolidated net loss from continuing operations for the three months ended March 31, 2025 was $(1,738,483). See Note 11 – Discontinued Operations) for more information.

Note 13 - Segment Reporting

 

The Company operates in three reportable segments: Vocal, OG Collection, and Air Mobility. The Company’s segments were determined based on the economic characteristics of its products and services, its internal organizational structure, the manner in which operations are managed and the criteria used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate performance, which include revenue, gross margin, operating profit, and platform engagement metrics.

 

Vocal

 

Vocal is the segment focused on development initiatives. Vocal houses the Company’s proprietary technology, including its flagship platform, Vocal, as well as oversees the Company’s content creation framework, and management of its digital communities and the relationships between brands and creators that this framework supports. Vocal derives revenues from Vocal creator subscriptions, platform processing fees and technology licensing fees. It also includes revenue generated from Vocal’s suite of agency services, offered through Vocal for Brands.

 

OG Collection

 

OG Collection is the segment focused on curation, preservation, and monetization of rare and archival media assets. This segment houses the Company’s legacy media library, consisting of vintage photographs, historical film negatives, celebrity ephemera, and related intellectual property. OG Collection oversees both the physical archive and the strategic transformation of these assets into modern IP across multiple formats.

 

OG Collection derives revenues from the sale and licensing of archival media, framed prints, and memorabilia; the development and sale of limited-edition books and publishing projects through Studio 96; and from collaborations with brands, creators, and institutions seeking access to OG’s library for creative or commercial use. This segment also includes revenue generated from custom publishing services and content creation built around OG Collection assets, with the goal of building long-term IP value through storytelling, editorial development, and collectible product releases.

Air Mobility

 

Flyte is the segment focused on private aviation services and related travel infrastructure. This segment encompasses Flyte’s operations as both a licensed charter operator and a brokerage, providing on-demand flight solutions for regional and long-range travel. Flyte operates a fleet of managed aircraft under its Part 135 certificate and maintains a network of third-party operators through which it arranges additional charter services.

 

Flyte derives revenues from directly operated flights through Flyte Hops, brokered flights through Flyte Luxe, and prepaid charter credit through its Jet Card Membership program. Revenue sources include base charter fares, booking fees, repositioning charges, and ancillary service add-ons. The segment also generates revenue from concierge-level travel planning and bespoke client services offered in connection with both operated and brokered flights.

 

The following tables present certain financial information related to our reportable segments and Corporate:

 

   As of December 31, 2025 
   Vocal   OG   Flyte   Creatd   Total 
Cash  $124,536   $5,772   $25,671   $91,434   $247,413 
Accounts receivable,Net   -    -    1,530    10,000    11,530 
Prepaid expenses and other current assets   93,731    -    74,492    167,190    335,413 
Deposits and other assets   -    -    48,615    -    48,615 
Intangible Assets, net   -    -    -    7,486,004    7,486,004 
Goodwill   -    -    -    7,818,805    7,818,805 
All other assets   -    -    763,176    1,430,991    2,194,167 
Total Assets  $218,267   $5,772   $913,484   $17,004,424   $18,141,947 
                          
Accounts payable and accrued liabilities  $399,864   $250   $339,074   $4,885,650   $5,624,838 
Note payable, net of debt discount and issuance costs   66,228    4,398    539,104    (69,544)   540,186 
Deferred revenue   118,862    -    166,517    -    285,379 
Convertible Notes, net of debt discount and issuance costs   -    -    -    383,374    383,374 
All other liabilities   -    -    567,423    1,668,038    2,235,461 
Total Liabilities  $584,954   $4,648   $1,612,118   $6,867,518   $9,069,238 

 

   For the year ended December 31, 2025 
   Vocal   OG   Flyte   Creatd   Total 
Net Revenue  $1,053,451   $71,743   $1,913,443   $153,800   $3,192,437 
Cost of Revenue   150,602    12,095    1,570,826    56,708    1,790,231 
Gross margin  $902,849   $59,648   $342,617   $97,092   $1,402,206 
                          
Research and development  $1,843    -    -    -   $1,843 
Marketing   417,071    101,522    90,707    -    609,300 
Compensation   430,126    301,252    754,760    832,834    2,318,972 
Stock Based Compensation   -    -    2,885,097    5,305,221    8,190,318 
General and administrative   335,177    57,028    627,377    1,727,445    2,747,027 
Impairment of intangible assets   -    -    -    35,723    35,723 
Impairment of goodwill   -    -    -    226,613    226,613 
Total Operating Expenses  $1,184,217   $459,802   $4,357,941   $8,127,836   $14,129,796 
                          
Interest Expense  $(7,729)   -   $(57,048)  $(715,820)  $(780,597)
All other (expenses) income, net   (6,361)   3,192    425,330    3,721,474    4,143,635 
                          
Other expenses, net  $(14,090)  $3,192   $368,282   $3,005,654   $3,363,038 
                          
Loss before income tax provision and equity in net loss from unconsolidated investments  $(295,458)  $(396,962)  $(3,647,042)  $(5,025,090)  $(9,364,552)
   As of December, 31 2024 
   Vocal   OG Collection   Air Mobility   Corporate   Total 
Cash  $5,152   $1,319   $           -   $9,019   $15,490 
Accounts receivable,Net   -    -    -    2,000    2,000 
Deposits and other assets   -    -    -    83,616    83,616 
Intangible assets, net   -    -    -    103,550    103,550 
Goodwill   -    -    -    5,415    5,415 
All other assets   -    -    -    2,052,278    2,052,278 
Total Assets  $5,152   $1,319   $-   $2,255,878   $2,262,349 
                          
Accounts payable and accrued liabilities  $507,374   $17,447   $-   $7,925,983   $8,450,804 
Note payable, net of debt discount and issuance costs   88,695    -    -    859,304    947,999 
Deferred revenue   146,950    -    -    -    146,950 
Convertible Notes, net of debt discount and issuance costs   -    -    -   $1,216,158    1,216,158 
All other Liabilities   -    -    -    1,798,758    1,798,758 
Total Liabilities  $743,019   $17,447   $-   $11,800,203   $12,560,669 

 

   For the year ended December 31, 2024 
   Vocal   OG Collection   Air Mobility   Corporate   Total 
Net revenue  $1,444,458   $37,348   $           -   $17,068   $1,498,874 
Cost of revenue   63,002    -    -    142    63,144 
Gross margin  $1,381,456   $37,348   $-   $16,926   $1,435,730 
                          
Research & Development  $204,043   $-   $-   $-   $204,043 
Marketing   252,436    16,719    -    4,884    274,039 
Compensation   2,500    -    -    1,939,172    1,941,672 
Stock based compensation   709,926    4,600,000    -    4,132,791    9,442,717 
General and administrative   316,089    43,714    -    1,550,678    1,910,480 
Total operating expenses  $1,484,994   $4,660,433   $-   $7,627,525   $13,772,951 
                          
Interest expense  $(19,265)  $-   $-   $(299,890)  $(319,155)
All other income, net   954,958    5,000    -    7,026,407    7,986,365 
                          
Other income, net  $935,693   $5,000   $-   $6,726,517   $7,667,210 
                          
Income (loss) before income tax provision and equity in net loss from unconsolidated investments  $832,155   $(4,618,085)  $-   $(884,081)  $(4,670,011)