v3.26.1
Note 11 - Segment Information
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

Note 11 – Segment Information

 

The Company sells capital equipment, which includes both Imricor-developed and third-party equipment, and consumable products, for use in iCMR labs, and capital equipment maintenance service agreements.

 

Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the Chief Operating Decision Maker (“CODM”) when making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer, who reviews consolidated financial results when making resource allocation decisions or evaluating Company performance. The Company manages its business on a consolidated basis and operates as one reportable segment, and the CODM’s primary measure of segment profit or loss is net loss.

 

For the Company’s single reportable segment, the total amounts of segment profit or loss and segment assets are the same as net loss and total assets, respectively, presented in the accompanying unaudited condensed consolidated financial statements.

  

The following table summarizes the significant expense categories provided to the CODM for the three and six months ended  June 30:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Equipment revenue

 

$

8,782

 

 

$

13,247

 

 

$

17,317

 

 

$

20,811

 

Consumable revenue

 

 

29,615

 

 

 

30,965

 

 

 

(35,182

)

 

 

134,986

 

Service revenue

 

 

22,134

 

 

 

20,951

 

 

 

42,508

 

 

 

41,078

 

Total Revenues

 

 

60,531

 

 

 

65,163

 

 

 

24,643

 

 

 

196,875

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Costs and expenses

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Cost of goods sold

 

 

732,496

 

 

 

509,688

 

 

 

1,394,641

 

 

 

811,694

 

Sales expenses

 

 

704,356

 

 

 

691,215

 

 

 

1,420,116

 

 

 

1,314,796

 

Marketing expenses

 

 

942,586

 

 

 

435,646

 

 

 

1,399,449

 

 

 

889,897

 

Clinical research expenses

 

 

1,097,375

 

 

 

570,057

 

 

 

2,205,874

 

 

 

1,137,288

 

Regulatory affairs and quality assurance expenses

 

 

844,088

 

 

 

809,950

 

 

 

1,839,628

 

 

 

1,670,954

 

Other research and development expenses

 

 

1,734,253

 

 

 

1,477,173

 

 

 

3,690,751

 

 

 

2,954,566

 

General and administrative expenses

 

 

1,430,332

 

 

 

1,263,136

 

 

 

3,809,495

 

 

 

2,529,796

 

Total Costs and Expenses

 

 

7,485,486

 

 

 

5,756,865

 

 

 

15,759,954

 

 

 

11,308,991

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Loss from Operations

 

 

(7,424,955

)

 

 

(5,691,702

)

 

 

(15,735,311

)

 

 

(11,112,116

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Other income (expense)

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Interest income

 

 

377,533

 

 

 

369,804

 

 

 

644,146

 

 

 

481,892

 

Foreign currency exchange (loss) gain

 

 

(683,434

)

 

 

1,285,261

 

 

 

(281,024

)

 

 

1,159,493

 

Other income (expense)

 

 

349,095

 

 

 

(3,758,685

)

 

 

(9,766,583

)

 

 

(3,670,622

)

Total Other Income (Expense)

 

 

43,194

 

 

 

(2,103,620

)

 

 

(9,403,461

)

 

 

(2,029,237

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net loss

 

$

(7,381,761

)

 

$

(7,795,322

)

 

$

(25,138,772

)

 

$

(13,141,353

)

 

Other segment items within net loss correspond to the unaudited condensed consolidated statements of operations line items for interest expense, government grant income, change in fair value of convertible notes (related party), change in fair value of option liabilities, change in fair value of derivative asset, change in fair value of warrant liabilities, and other expense.

 

Revenues by region were as follows for the three and six months ended  June 30:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Europe

 

$

60,531

 

 

$

65,163

 

 

$

24,643

 

 

$

196,875

 

Total revenue by geography

 

$

60,531

 

 

$

65,163

 

 

$

24,643

 

 

$

196,875

 

 

The following table provides revenue by country based on the location where services are provided and products are sold for more than 10% of the total revenue for the three and six months ended  June 30:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Germany

 

$

36,664

 

 

$

36,971

 

 

$

53,336

 

 

$

62,514

 

Hungary

 

 

5,848

 

 

 

5,127

 

 

 

13,113

 

 

 

9,814

 

Netherlands

 

 

18,019

 

 

 

23,065

 

 

 

(41,806

)

 

 

124,547

 

 

 

$

60,531

 

 

$

65,163

 

 

$

24,643

 

 

$

196,875

 

 

Property and equipment is held in the following countries:

 

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

U.S.

 

$

1,595,652

 

 

$

1,121,585

 

Germany

 

 

152,535

 

 

 

175,111

 

Other foreign countries

 

 

343,257

 

 

 

241,764

 

 

 

$

2,091,444

 

 

$

1,538,460

 

 

No individual country other than the U.S. and Germany accounted for more than 10% of the total net book value.

 

See Note 1 for further details on the Company’s products and services, and major customers.