v3.25.4
Segment and Geographic Information
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Segment and Geographic Information    
Segment and Geographic Information

Note 12 – Segment and Geographic Information

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (the “CEO”). The Company is a provider of specialty activated carbon technologies and, at September 30, 2025, had one operating segment, which entails the provision of specialty activated carbon technologies for air and water purification in the United States.

There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 3, “Basis of Presentation and Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used by the CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

For the

  ​ ​ ​

For the

  ​ ​ ​

For the

  ​ ​ ​

For the

​

​

Three Months Ended

​

Three Months Ended

​

Nine Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

September 30,

​

September 30,

​

​

2025

​

2024

​

2025

​

2024

Material sales

 

​

4,715,874

 

​

5,092,123

 

​

10,637,304

 

​

11,479,147

License fees

 

​

2,600,000

 

​

133,125

 

​

3,125,000

 

​

273,750

Other revenues

 

​

46,015

 

​

11,742

 

​

74,507

 

​

87,292

Total revenues

​

$

7,361,889

​

$

5,236,990

​

$

13,836,811

​

$

11,840,189

​

​

​

​

​

​

​

​

​

​

​

​

​

Material costs

​

 

(2,557,924)

​

 

(2,829,784)

​

 

(5,736,069)

​

 

(6,055,177)

Blending and milling

​

 

(110,518)

​

 

(127,786)

​

 

(268,643)

​

 

(312,410)

Shipping

​

 

(339,987)

​

 

(417,997)

​

 

(821,308)

​

 

(941,768)

Other cost of goods sold

​

 

(197,856)

​

 

(151,095)

​

 

(452,507)

​

 

(417,317)

Compensation and benefits

​

 

(1,219,307)

​

 

(1,031,223)

​

 

(3,664,564)

​

 

(5,284,900)

Stock-based compensation

​

 

(19,641)

​

 

(133,631)

​

 

(99,596)

​

 

(1,040,625)

Amortization and depreciation

​

 

(105,667)

​

 

(64,830)

​

 

(281,796)

​

 

(184,989)

Consulting fees

​

 

(344,043)

​

 

(103,057)

​

 

(911,017)

​

 

(403,197)

Professional fees

​

 

(1,387,156)

​

 

(963,256)

​

 

(2,409,608)

​

 

(3,056,291)

General and administrative

​

 

(203,872)

​

 

(511,456)

​

 

(732,212)

​

 

(1,198,807)

Change in fair value of profit share

​

 

(37,619)

​

 

282,381

​

 

(766,667)

​

 

(2,672,253)

Interest expense

​

 

—

​

 

(7,356)

​

 

(54)

​

 

(258,990)

Income tax benefit (expense)

​

 

(1,611)

​

 

283,898

​

 

(37,391)

​

 

269,717

Research and development

​

 

(64,088)

​

 

—

​

 

(154,725)

​

 

—

Interest income

​

 

15,412

​

 

80,656

​

 

66,222

​

 

257,483

Segment net loss

​

 

788,012

​

 

(457,546)

​

 

(2,433,124)

​

 

(9,459,335)

Reconciliation of profit or loss

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Adjustments and reconciling items

​

 

—

​

 

—

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated net loss

​

$

788,012

​

 

(457,546)

​

 

(2,433,124)

​

 

(9,459,335)

​

The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.

Note 14 – Segment and Geographic Information

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (the “CEO”). The Company is a provider of specialty activated carbon technologies and, at December 31, 2024, had one operating segment, which entails the providing of patented sorbent technologies for mercury emissions capture for the coal-fired utility sector in the United States.

There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 4, “Basis of Presentation and Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used the by CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2024

  ​ ​ ​

2023

Material sales

​

$

14,481,784

​

$

17,092,996

License fees

​

 

2,808,125

​

 

387,500

Other revenues

​

 

116,276

​

 

144,874

Total revenues

​

 

17,406,185

​

 

17,625,370

​

​

​

​

​

​

​

Material costs

​

 

(7,686,447)

​

 

(8,898,747)

Blending and milling

​

 

(377,598)

​

 

(769,167)

Shipping

​

 

(1,081,781)

​

 

(1,380,051)

Other cost of goods sold

​

 

(700,279)

​

 

(652,688)

Compensation and benefits

​

 

(6,148,100)

​

 

(2,577,473)

Stock-based compensation

​

 

(1,088,922)

​

 

(573,783)

Amortization and depreciation

​

 

(248,084)

​

 

(228,962)

Consulting fees

​

 

(879,800)

​

 

(109,381)

Professional fees

​

 

(4,722,313)

​

 

(9,717,572)

General and administrative

​

 

(1,588,129)

​

 

(1,471,311)

Change in fair value of profit share

​

 

(3,959,065)

​

 

(11,209,677)

Interest expense

​

 

(267,458)

​

 

(1,362,401)

Impairment loss

​

 

(43,000)

​

 

(219,707)

Income tax benefit (expense)

​

 

289,156

​

 

(473,213)

Income from legal claims

​

 

—

​

 

27,607,776

Interest income

​

 

293,524

​

 

79,301

Segment net (loss) income

​

 

(10,802,111)

​

 

5,668,314

Reconciliation of profit or loss

​

 

  ​

​

 

  ​

Adjustments and reconciling items

​

 

—

​

 

—

​

​

​

​

​

​

​

Consolidated net (loss) income

​

$

(10,802,111)

​

$

5,668,314

​

The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.