SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 14. SEGMENT REPORTING

Operating segments are defined as components of an entity about which discrete financial information is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and assess performance. The Company operates and manages its business as one business segment, which is high-power, high-brightness blue laser technology. Accordingly, the Company has one reportable segment. The Company has a single management team that reports to the Chief Executive Officer, the Company's CODM, who comprehensively manages the entire Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

When evaluating the Company’s financial performance, the CODM is regularly provided with more detailed expense information than what is included in the Company’s statements of operations. The CODM uses net loss, as reported in the consolidated statements of operations, in evaluating the performance of the segment. Decisions regarding resource allocation are made primarily during the annual budget planning process and reallocated as needed throughout the year. The measure of segment assets is reported on the balance sheets as total assets.

The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the consolidated statements of operations:

	Year Ended December 31,
	2024			2023
Revenue	$	152,127		$	2,085,532
Cost of revenue:
Materials		57,867			944,615
Direct labor		1,336,722			1,457,823
Direct job costs		222,835			2,833,893
Overhead		588,052			459,102
Total cost of revenue		2,205,476			5,695,433
Gross margin		(2,053,349	)		(3,609,901	)
Operating expenses:
Research and development		1,821,816			5,462,680
Selling and marketing		468,074			1,539,690
General and administrative		8,807,651			11,117,525
Total operating expenses		11,097,541			18,119,895
Other segment items (1)		(21,364,864	)		1,019,350
Segment net loss	$	(34,515,754	)	$	(20,710,446	)

(1) Other segment items consist of interest income, interest expense, change in fair value of warrant liabilities, change in fair value of derivative liability, loss on extinguishment of debt and other income, net.