Annual report [Section 13 and 15(d), not S-K Item 405]

Segment

v3.25.1
Segment
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment

Note 17. Segment

 

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated operating margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow global operating margin and the allocation of budget between cost of revenues, sales and marketing, technology and development, and general and administrative expenses.

 

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024 and 2023:

 

 Schedule of Operating Segment

    2024     2023     Change     %  
    Years Ended              
    December 31,              
    2024     2023     Change     %  
Revenue   $ 4,672,646     $ 5,962,785     $ (1,290,139 )     (22 )%
Cost of revenue     6,141,657       4,321,482       1,820,175       42 %
Gross Profit (Loss)     (1,469,011 )     1,641,303       (3,110,314 )     (190 )%
Gross Profit Percentage     (31 )%     28 %                
                                 
Selling, general & administrative expense     14,249,870       14,166,617       83,253       1 %
Other expense     (1,805,175 )     (1,803,034 )     (2,141 )     0 %
Net loss   $ (17,524,056 )   $ (14,328,348 )   $ (3,195,708 )     22 %

 

    2024     2023     Change     %  
    Years Ended              
    December 31,              
    2024     2023     Change     %  
Selling, general & administrative expenses                                
Payroll expenses   $ 6,978,930     $ 7,226,481     $ (247,551 )     (3 )%
Sales and marketing expenses     193,942       596,368       (402,426 )     (67 )%
Lease expense     386,520       353,329       33,191       9 %
Professional fees     1,105,930       1,940,600       (834,670 )     (43 )%
General and administrative expense     5,584,548       4,049,839       1,534,709       38 %
Total   $ 14,249,870     $ 14,166,617     $ 83,253       1 %