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

SEGMENT INFORMATION

v3.25.1
SEGMENT INFORMATION
12 Months Ended
Dec. 31, 2024
SEGMENT INFORMATION  
SEGMENT INFORMATION

NOTE 20 – SEGMENT INFORMATION

 

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

 

The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Cash

 

$ 88,033

 

 

$ 65,222

 

 

 

 

For the Year

Ended

December 31,

2024

 

 

For the Year

Ended

December 31,

2023

 

Research and development

 

$ 1,482,877

 

 

$ 891,063

 

Selling, general and administrative

 

$ 3,612,481

 

 

$ 2,875,119

 

 

Research and development expenses and general and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to operate the business. Research and development costs and general and administrative costs, as reported on the statements of operations, are the significant segment expenses provided to the CODM on a regular basis.