v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

NOTE 16 – SEGMENT REPORTING

 

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the chief operating decision maker (“CODM”). The Company manages its operations as a single segment for purposes of assessing performance and making decisions. The accounting policies of the segment are those included in Note 2 – Summary of Significant Accounting Policies to the Consolidated Financial Statements included in the 2025 Annual Report on Form 10-K. The Company’s CODM is its President and Chief Operating Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis, using the operating expenses and interest expense, as presented on the face of the income statement, for purposes of making operating decisions, allocating resources, and evaluating financial performance. The measure of segment assets is reported on the balance sheet as total consolidated assets.

 

Significant expenses regularly reviewed by the CODM are Professional fees, Operations and research, excluding compensation which is reviewed separately, and employee compensation. The following table presents the details of the significant segment expenses, segment net revenues, and the segment performance measure, net loss, in the periods indicated:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenue

 

77,855

 

 

$

135,000

 

 

$

100,355

 

 

$

270,000

 

 

 

 

 

 

 

 

 

 

 

 

Less significant expenses:

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

5,424,564

 

 

 

946,850

 

 

 

9,956,184

 

 

 

1,832,441

 

Operations and research (excluding compensation)

 

486,618

 

 

 

528,955

 

 

 

972,211

 

 

 

932,654

 

Compensation:

 

 

 

 

 

 

 

 

 

 

 

Salaries and Wages

 

1,018,363

 

 

 

2,987,147

 

 

 

2,083,887

 

 

 

3,728,687

 

Share-based compensation

 

139,804

 

 

 

45,742

 

 

 

290,776

 

 

 

91,484

 

Total Compensation

 

1,158,167

 

 

 

3,032,889

 

 

 

2,374,663

 

 

 

3,820,171

 

Total Significant Expenses

 

7,069,349

 

 

 

4,508,694

 

 

 

13,303,058

 

 

 

6,585,266

 

Other segment items gain (1)

 

2,437,860

 

 

 

12,765,803

 

 

 

(3,951,225

)

 

 

11,239,885

 

Total Significant Expenses and Other Segment Items

$

9,507,209

 

 

$

17,274,497

 

 

$

9,351,833

 

 

$

17,825,151

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

$

(9,429,354

)

 

$

(17,139,497

)

 

$

(9,251,478

)

 

$

(17,555,151

)

 

(1)
Includes other expenses within Marketing, General and Administrative and Operations and Research which are not significant individually or in the aggregate and not included within Significant Expenses above; as well as, Interest income, Interest Expense, Loss on equity method investment, Change in derivative liabilities fair value, and Other, as reported in our condensed consolidated statements of operations.