v3.25.4
Note 17 - Segment Information
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Note 17 - Segment Information

Note 17 - Segment Information

Operating segments are defined as components of an entity for which separate discrete financial information is available and is regularly reviewed by the CODM. The CODM evaluates, oversees, and manages the Company’s operations and financial performance through two reportable segment that are organized primarily by type of business activity. Specifically, the segments include: Financing Solutions and Real Estate Operations.

The Company is operating as a private credit company focused on providing alternative financing solutions to small and medium-sized businesses across the United States. In July 2025, the Company expanded its U.S. operations into real estate through the acquisition of Block 40, LLC (“Block 40”), these operations are in the United States.

 

While the Company operates across multiple customer types and geographic locations, the CODM regularly receives and reviews discrete financial information disaggregated by these segments, which are used as the basis for evaluating performance and allocating resources.

 

The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company’s 2024 audited consolidated financial statements and additional accounting policies disclosed under summary of significant accounting policies in the unaudited condensed consolidated financial statements as of September 30, 2025.

 

The CODM does not review expense items at a level lower than those presented in the table below. Information about reportable segments, and reconciliation of such information to the Consolidated Financial Statements as of and for the three and nine months ended September 30, 2025 and 2024 follows:

 

Note 17 - Segment Information - Schedule of Operating Activities by Segment                                
   Three Months Ended September 30, 2025
   Financing Solutions  Real Estate Operations  Consolidating
Eliminations		  Total
             
Revenue  $3,021,874   $2,311,855   $—     $5,333,729 
Significant segment-level expenses:                    
Cost of revenue   700,901    —      —      700,901 
General and administrative expenses   2,156,815    4,977,657    —      7,134,472 
Provision for credit losses   425,567    66,351    —      491,918 
Professional fees   717,538    —      —      717,538 
Interest expense   1,426,215    1,289,360    —      2,715,575 
Other segment expenses(1)   79,901    (285)   —      79,616 
Net loss before income taxes  $(2,485,063)  $(4,021,228)  $—     $(6,506,291)

 

 

                                 
   Nine Months Ended September 30, 2025
   Financing Solutions  Real Estate Operations  Consolidating
Eliminations		  Total
             
Revenue  $9,702,278   $2,311,855   $—     $12,014,133 
Significant segment-level expenses:                    
Cost of revenue   2,077,306    —      —      2,077,306 
General and administrative expenses   6,338,059    4,977,657    —      11,315,716 
Provision for credit losses   1,472,941    66,351    —      1,539,292 
Professional fees   2,044,950    —      —      2,044,950 
Interest expense   4,208,832    1,289,360    —      5,498,192 
Other segment expenses(1)   27,779    (285)   —      27,494 
Net loss before income taxes  $(6,467,589)  $(4,021,228)  $—     $(10,488,817)
                     
Total Assets  $83,991,864   $209,900,181   $(92,164,272)  $201,727,773 

 

 

                                 
   Three Months Ended September 30, 2024
   Financing Solutions  Real Estate Operations  Consolidating
Eliminations		  Total
             
Revenue  $3,113,693   $—     $—     $3,113,693 
Significant segment-level expenses:                    
Cost of revenue   602,641    —      —      602,641 
General and administrative expenses   1,916,196    —      —      1,916,196 
Provision for credit losses   543,902    —      —      543,902 
Professional fees   610,057    —      —      610,057 
Interest expense   1,251,370    —      —      1,251,370 
Other segment expenses(1)   7,834    —      —      7,834 
Net loss before income taxes  $(1,818,307)  $—     $—     $(1,818,307)

 

                                 
   Nine Months Ended September 30, 2024
   Financing Solutions  Real Estate Operations  Consolidating
Eliminations		  Total
             
Revenue  $9,566,571   $—     $—     $9,566,571 
Significant segment-level expenses:                    
Cost of revenue   1,727,626    —      —      1,727,626 
General and administrative expenses   5,571,086    —      —      5,571,086 
Provision for credit losses   3,106,144    —      —      3,106,144 
Professional fees   1,757,637    —      —      1,757,637 
Interest expense   3,379,040    —      —      3,379,040 
Other segment expenses(1)   21,673    —      —      21,673 
Net loss before income taxes  $(5,996,635)  $—     $—     $(5,996,635)
                     
Total Assets   26,484,966    —      (9,284,590)   17,200,376 

 

(1)Other segment expenses consist of foreign exchange losses and other losses. These are disclosed in the condensed consolidated statements of operations and comprehensive loss.

 

Note 15. Segment Information

 

We operate and manage our business as a single segment for the purposes of assessing performance and making operating decisions. Our chief executive officer, who is our chief operating decision maker (“CODM”) , reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. Our CODM evaluates company performance based on net loss, as included in the consolidated statements of operations and comprehensive loss, ensuring resource allocation decisions support company goals. The measure of segment assets is total assets, as included in the consolidated balance sheets. Refer to the consolidated financial statements for other financial information regarding our single reportable segment.

 

The following table presents certain financial data for the Company’s reportable segment, including significant segment expenses regularly provided to the chief operating decision maker to assess performance of the Company.

                 
   For the Years Ended
   December 31,
   2024  2023
Revenue  $12,787,262   $11,800,228 
Cost of revenue   (2,358,114)   (3,497,364)
General and administrative expenses   (7,814,809)   (5,318,338)
Selling, general and administrative expenses   (4,019,840)   (5,561,517)
Professional fees   (2,517,381)   (1,728,146)
Other segment expenses   (4,679,843)   (3,368,070)
Net loss before income taxes  $(8,602,725)  $(7,673,207)

 

Other segment expenses consist of interest expenses, loss on write down of investment and gain on sale of property, equipment and exchange loss. These are disclosed in the consolidated statements of operations and comprehensive loss.