v3.26.3
Note 11 - Segment Information
 9 Months Ended
Sep. 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 iMR 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 nine months ended  September 30:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Equipment revenue

 

$

168,970

 

 

$

8,461

 

 

$

186,287

 

 

$

29,272

 

Consumable revenue

 

 

2,467

 

 

 

4,971

 

 

 

(32,715

)

 

 

139,957

 

Service revenue

 

 

16,372

 

 

 

21,359

 

 

 

58,880

 

 

 

62,437

 

Total Revenues

 

 

187,809

 

 

 

34,791

 

 

 

212,452

 

 

 

231,666

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Costs and expenses

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Cost of goods sold

 

 

615,830

 

 

 

701,987

 

 

 

2,010,471

 

 

 

1,513,681

 

Sales expenses

 

 

811,930

 

 

 

652,484

 

 

 

2,232,046

 

 

 

1,967,280

 

Marketing expenses

 

 

687,726

 

 

 

448,107

 

 

 

2,087,175

 

 

 

1,338,004

 

Clinical research expenses

 

 

854,921

 

 

 

562,065

 

 

 

3,060,795

 

 

 

1,699,353

 

Regulatory affairs and quality assurance expenses

 

 

1,175,225

 

 

 

777,474

 

 

 

3,014,853

 

 

 

2,448,428

 

Other research and development expenses

 

 

2,226,633

 

 

 

1,238,247

 

 

 

5,917,384

 

 

 

4,192,812

 

General and administrative expenses

 

 

1,989,349

 

 

 

1,423,632

 

 

 

5,798,844

 

 

 

3,953,429

 

Total Costs and Expenses

 

 

8,361,614

 

 

 

5,803,996

 

 

 

24,121,568

 

 

 

17,112,987

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Loss from Operations

 

 

(8,173,805

)

 

 

(5,769,205

)

 

 

(23,909,116

)

 

 

(16,881,321

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Other income (expense)

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Interest income

 

 

528,798

 

 

 

380,729

 

 

 

1,172,944

 

 

 

862,621

 

Foreign currency exchange gain

 

 

306,120

 

 

 

95,296

 

 

 

25,096

 

 

 

1,254,790

 

Other income (expense)

 

 

4,429,259

 

 

 

1,799,093

 

 

 

(5,337,324

)

 

 

(1,871,530

)

Total Other Income (Expense)

 

 

5,264,177

 

 

 

2,275,118

 

 

 

(4,139,284

)

 

 

245,881

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net loss

 

$

(2,909,628

)

 

$

(3,494,087

)

 

$

(28,048,400

)

 

$

(16,635,440

)

 

A customer return occurred during the three months ended March 31, 2026, and, as a result, consumable revenues for the nine months ended September 30, 2026, are lower than consumable revenues for the three months ended September 30, 2026. 

 

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 nine months ended  September 30:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Europe

 

$

69,627

 

 

$

34,791

 

 

$

94,270

 

 

$

231,666

 

U.S.

 

 

118,182

 

 

 

-

 

 

 

118,182

 

 

 

-

 

Total revenue by geography

 

$

187,809

 

 

$

34,791

 

 

$

212,452

 

 

$

231,666

 

 

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 nine months ended  September 30:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

U.S.

 

$

118,182

 

 

$

-

 

 

$

118,182

 

 

$

-

 

Germany

 

 

8,630

 

 

 

13,742

 

 

 

61,967

 

 

 

76,256

 

Hungary

 

 

6,408

 

 

 

5,313

 

 

 

19,521

 

 

 

15,126

 

Netherlands

 

 

54,589

 

 

 

15,736

 

 

 

12,782

 

 

 

140,284

 

 

 

$

187,809

 

 

$

34,791

 

 

$

212,452

 

 

$

231,666

 

 

Property and equipment is held in the following countries:

 

 

 

September 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

​

 

 

 

​

U.S.

 

$

1,576,952

 

 

$

1,121,585

 

Germany

 

 

146,077

 

 

 

175,111

 

Other foreign countries

 

 

218,690

 

 

 

241,764

 

 

 

$

1,941,719

 

 

$

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.