| Segment and Geographic Information |
Note 15 - Segment and Geographic Information The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (the “CEO”). The Company is a provider of specialty activated carbon technologies and, at June 30, 2026 and December 31, 2025, had one operating segment, which entails the provision of specialty activated carbon technologies for air and water purification in the United States. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 3, “Basis of Presentation and Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used the by CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies. | | For the Three Months Ended June 30, 2026 | | | For the Three Months Ended June 30, 2025 | | | For the Six Months Ended June 30, 2026 | | | For the Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | Material sales | | | 3,466,203 | | | | 3,244,446 | | | | 7,654,123 | | | | 5,921,430 | | License fees | | | - | | | | - | | | | - | | | | 525,000 | | Other revenues | | | 324,449 | | | | 9,465 | | | | 376,463 | | | | 28,492 | | Total revenues | | $ | 3,790,652 | | | $ | 3,253,911 | | | $ | 8,030,586 | | | $ | 6,474,922 | | | | | | | | | | | | | | | | | | | Material costs | | | (1,916,042 | ) | | | (1,728,988 | ) | | | (4,097,164 | ) | | | (3,178,145 | ) | Blending and milling | | | (81,834 | ) | | | (92,747 | ) | | | (208,027 | ) | | | (158,125 | ) | Shipping | | | (286,438 | ) | | | (275,633 | ) | | | (538,014 | ) | | | (481,321 | ) | Other cost of goods sold | | | (360,882 | ) | | | (90,041 | ) | | | (536,720 | ) | | | (254,651 | ) | Compensation and benefits | | | (1,227,099 | ) | | | (1,378,101 | ) | | | (2,455,370 | ) | | | (2,445,257 | ) | Stock-based compensation | | | - | | | | (19,428 | ) | | | (427 | ) | | | (79,955 | ) | Amortization and depreciation | | | (31,090 | ) | | | (103,664 | ) | | | (137,327 | ) | | | (176,129 | ) | Consulting fees | | | (17,869 | ) | | | (306,516 | ) | | | (535,964 | ) | | | (566,974 | ) | Professional fees | | | (570,114 | ) | | | (126,737 | ) | | | (1,038,536 | ) | | | (1,022,452 | ) | General and administrative | | | (179,124 | ) | | | (205,530 | ) | | | (467,490 | ) | | | (528,340 | ) | Change in fair value of profit share | | | (257,323 | ) | | | (375,697 | ) | | | (503,004 | ) | | | (729,048 | ) | Interest expense | | | - | | | | - | | | | - | | | | (54 | ) | License fees | | | (1,250,000 | ) | | | - | | | | (1,250,000 | ) | | | - | | Bad debt expense | | | - | | | | - | | | | - | | | | - | | Taxes | | | (83,178 | ) | | | (21,645 | ) | | | (83,535 | ) | | | (35,780 | ) | Research and development | | | (663,043 | ) | | | (90,637 | ) | | | (707,775 | ) | | | (90,637 | ) | Interest income | | | 115,928 | | | | 19,537 | | | | 165,768 | | | | 50,810 | | Segment net loss | | | (3,017,456 | ) | | | (1,541,916 | ) | | | (4,362,999 | ) | | | (3,221,136 | ) | Reconciliation of profit or loss | | | | | | | | | | | | | | | | | Adjustments and reconciling items | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | | | Consolidated net loss | | $ | (3,017,456 | ) | | $ | (1,541,916 | ) | | $ | (4,362,999 | ) | | $ | (3,221,136 | ) |
The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.
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