v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
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 CDOM 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 June 30, 2026 and for the three and six months ended June 30, 2026:
As of June 30, 2026
VocalOG CollectionCorporateTotal
Cash$19,303 $2,425 $313,375 $335,103 
Accounts receivable, net20,000 — 11,250 31,250 
Marketable securities— — 4,545,009 4,545,009 
Prepaid expenses and other current assets21,585 18,000 72,749 112,334 
Deposits and other assets— — — — 
Intangible assets— — 22,475 22,475 
All other assets28,898 31,955 4,716,215 4,777,068 
Total Assets$89,786 $52,380 $9,681,073 $9,823,239 
Accounts payable and accrued liabilities$319,772 $25,897 $3,621,451 $3,967,120 
Note payable, net of debt discount and issuance costs24,455 94,255 — 118,710 
Deferred revenue85,238 — — 85,238 
All other liabilities9,633 — 3,170,156 3,179,789 
Total Liabilities$439,098 $120,152 $6,791,607 $7,350,857 

For the three months ended June 30, 2026
VocalOG CollectionCorporateTotal
Net revenue$158,971 $3,720 $11,250 $173,941 
Cost of revenue(31,961)(26)— (31,987)
Gross margin127,010 3,694 11,250 141,954 
Marketing— 12,525 — 12,525 
Compensation— 2,878 352,506 355,384 
Stock based compensation— — 1,440,160 1,440,160 
General and administrative88,887 113,150 441,827 643,864 
Research and development(19,427)— — (19,427)
Total operating expenses69,460 128,553 2,234,493 2,432,506 
Interest income (expense), net(2,151)(4,641)126,580 119,788 
All other expenses— — (311,920)(311,920)
Other expenses, net(2,151)(4,641)(185,340)(192,132)
Loss before income tax provision and equity in net loss from unconsolidated investments$55,399 $(129,500)$(2,408,583)$(2,482,684)
For the six months ended June 30, 2026
VocalOG CollectionCorporateTotal
Net revenue$329,938 $36,480 $11,250 $377,668 
Cost of revenue(27,962)(5,454)— (33,416)
Gross margin301,976 31,026 11,250 344,252 
Marketing65,734 53,263 — 118,997 
Compensation— 5,867 720,325 726,192 
Stock based compensation— — 12,748,152 12,748,152 
General and administrative241,232 183,167 935,870 1,360,269 
Research and development21,798 — — 21,798 
Total operating expenses328,764 242,297 14,404,347 14,975,408 
Interest income (expense), net(3,977)(8,751)116,955 104,227 
All other income (expenses)(2,875,496)(523,840)1,999,159 (1,400,177)
Other income (expenses), net(2,879,473)(532,591)2,116,114 (1,295,950)
Loss before income tax provision and equity in net loss from unconsolidated investments$(2,906,261)$(743,862)$(12,276,983)$(15,927,106)

The total loss before income tax provision of the Company's reportable segments for the three and six months ended June 30, 2026 was $(2,482,684) and $(17,306,445), respectively. Results attributable to the discontinued Air Mobility disposal group of $0 and $(1,379,339), recorded during the three and six months ended June 30, 2026, respectively, are excluded from segment results and presented separately on the consolidated statements of operations as net income (loss) from discontinued operations. Total consolidated net loss from continuing operations for the three months ended June 30, 2026 was $(2,482,684) and $(15,927,106), respectively. 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 and six months ended June 30, 2025:
As of December 31, 2025
VocalOG CollectionCorporateTotal
Cash$124,605 $5,772 $91,365 221,742 
Accounts receivable, net— — 10,000 10,000 
Prepaid expenses and other current assets93,731 — 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 costs66,228 — 54,902 121,130 
Deferred revenue118,862 — — 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 June, 30 2025
VocalOG CollectionCorporateTotal
Net revenue$166,582 $13,264 $17,100 $196,946 
Cost of revenue(43,849)(3,919)— (47,768)
Gross margin122,733 9,345 17,100 149,178 
Marketing28,979 36,890 — 65,869 
Compensation98,525 62,500 132,254 293,279 
Stock based compensation— — 2,360,259 2,360,259 
General and administrative74,097 12,264 (66,553)19,808 
Total operating expenses201,601 111,654 2,425,960 2,739,215 
Interest expense(4,430)— (55,592)(60,022)
All other expenses(377)— 1,267,365 1,266,988 
Other expenses, net(4,807)— 1,211,773 1,206,966 
Loss before income tax provision and equity in net loss from unconsolidated investments$(83,675)$(102,309)$(1,197,087)$(1,383,071)
For the six months ended June, 30 2025
VocalOG CollectionCorporateTotal
Net revenue$434,681 $29,249 $24,900 $488,830 
Cost of revenue(79,051)(8,693)— (87,744)
Gross margin355,630 20,556 24,900 401,086 
Marketing63,799 43,533 — 107,332 
Compensation197,025 125,000 500,576 822,601 
Stock based compensation— — 3,310,183 3,310,183 
General and administrative162,302 21,664 527,031 710,997 
Total operating expenses423,126 190,197 4,337,790 4,951,113 
Interest expense(6,171)— (121,946)(128,117)
All other expenses(5,497)— 1,598,478 1,592,981 
Other expenses, net(11,668)— 1,476,532 1,464,864 
Loss before income tax provision and equity in net loss from unconsolidated investments$(79,164)$(169,641)$(2,836,358)$(3,085,163)



The total loss before income tax provision of the Company's reportable segments for the three and six months ended June 30, 2025, was $(1,472,481) and $(3,512,156), respectively. Results attributable to the discontinued Air Mobility disposal group of $(89,410) and $(426,993), recorded during the three and six months ended June 30, 2025, respectively, are excluded from segment results and presented separately on the condensed consolidated statements of operations and comprehensive loss as net income (loss) from discontinued operations. Total consolidated net loss from continuing operations for the three and six months ended June 30, 2025 was $(1,383,071) and $(3,085,163), respectively. See Note 11 – Discontinued Operations for more information.