v3.26.3
Segment Reporting
 6 Months Ended 12 Months Ended
Jun. 30, 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 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 
   Vocal   OG Collection   Corporate   Total 
Cash  $19,303   $2,425   $313,375   $335,103 
Accounts receivable, net   20,000    
—
    11,250    31,250 
Marketable securities   
—
    
—
    4,545,009    4,545,009 
Prepaid expenses and other current assets   21,585    18,000    72,749    112,334 
Deposits and other assets   
—
    
—
    
—
    
—
 
Intangible assets   
—
    
—
    22,475    22,475 
All other assets   28,898    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 costs   24,455    94,255    
—
    118,710 
Deferred revenue   85,238    
—
    
—
    85,238 
All other liabilities   9,633    
—
    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 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $158,971   $3,720   $11,250   $173,941 
Cost of revenue   (31,961)   (26)   
—
    (31,987)
Gross margin   127,010    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 administrative   88,887    113,150    441,827    643,864 
Research and development   (19,427)   
—
    
—
    (19,427)
Total operating expenses   69,460    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 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $329,938   $36,480   $11,250   $377,668 
Cost of revenue   (27,962)   (5,454)   
—
    (33,416)
Gross margin   301,976    31,026    11,250    344,252 
                     
Marketing   65,734    53,263    
—
    118,997 
Compensation   
—
    5,867    720,325    726,192 
Stock based compensation   
—
    
—
    12,748,152    12,748,152 
General and administrative   241,232    183,167    935,870    1,360,269 
Research and development   21,798    
—
    
—
    21,798 
Total operating expenses   328,764    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 
   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 June, 30 2025 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $166,582   $13,264   $17,100   $196,946 
Cost of revenue   (43,849)   (3,919)   
—
    (47,768)
Gross margin   122,733    9,345    17,100    149,178 
                     
Marketing   28,979    36,890    
—
    65,869 
Compensation   98,525    62,500    132,254    293,279 
Stock based compensation   
—
    
—
    2,360,259    2,360,259 
General and administrative   74,097    12,264    (66,553)   19,808 
Total operating expenses   201,601    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 
   Vocal   OG Collection   Corporate   Total 
Net revenue  $434,681   $29,249   $24,900   $488,830 
Cost of revenue   (79,051)   (8,693)   
—
    (87,744)
Gross margin   355,630    20,556    24,900    401,086 
                     
Marketing   63,799    43,533    
—
    107,332 
Compensation   197,025    125,000    500,576    822,601 
Stock based compensation   
—
    
—
    3,310,183    3,310,183 
General and administrative   162,302    21,664    527,031    710,997 
Total operating expenses   423,126    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.

Note 14 - Segment Reporting

 

The Company operates in two reportable segments: Vocal and OG Collection. Following the divestiture of the Company’s air mobility business, the Air Mobility segment is presented as discontinued operations for all periods presented (see Note 13 – 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:

 

Amounts presented in the tables below are rounded to the nearest dollar. Segment amounts are rounded individually; accordingly, totals and subtotals may not foot due to rounding.

 

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, net   -    -    28,043    28,043 
Goodwill   -    -    -    - 
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 following table reconciles segment assets and liabilities of continuing operations to the consolidated balance sheet:

 

Total segment assets – continuing operations  $1,951,697 
Assets of discontinued operations (Note 13)   16,190,250 
Total consolidated assets  $18,141,947 
      
Total segment liabilities – continuing operations  $7,577,169 
Liabilities of discontinued operations (Note 13)   1,492,069 
Total consolidated liabilities  $9,069,238 

 

For the year ended December 31, 2025 

 

    Vocal     OG
Collection		     Corporate     Total  
Net Revenue   $ 1,053,451     $ 71,743     $ 153,800     $ 1,278,994  
Cost of Revenue     150,602       12,095       56,708       219,405  
Gross margin   $ 902,849     $ 59,648     $ 97,092     $ 1,059,589  
                                 
Research and development   $ 1,842       -       -     $ 1,842  
Marketing     417,072       101,522       -       518,594  
Compensation     430,126       301,252       832,834       1,564,212  
Stock based compensation     -       -       5,305,221       5,305,221  
General and administrative     335,177       57,028       1,363,540       1,755,745  
Impairment of intangible assets     -       -       35,723       35,723  
Impairment of goodwill     -       -       3,034       3,034  
Total Operating Expenses   $ 1,184,217     $ 459,802     $ 7,540,352     $ 9,184,371  
                                 
Interest Expense   $ (7,729 )     -     $ (715,820 )   $ (723,549 )
All other (expenses) income, net     (6,361 )     3,192       3,721,474       3,718,305  
Other (expenses) income, net   $ (14,090 )   $ 3,192     $ 3,005,654     $ 2,994,756  
Loss from continuing operations before income tax provision   $ (295,458 )   $ (396,962 )   $ (4,437,606 )   $ (5,130,026 )
Loss from discontinued operations, net of tax                             (4,234,526 )
Net loss                           $ (9,364,552 )

As of December 31, 2024

 

   Vocal   OG
Collection		   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		   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 and 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  $832,155   $(4,618,085)  $(884,081)  $(4,670,011)