SEGMENT RESULTS

12 Months Ended

Dec. 31, 2021

SEGMENT RESULTS [Abstract]

SEGMENT RESULTS

Note 16
SEGMENT RESULTS

ASC 280-10-50 requires use of the “management approach” model for segment reporting. The management approach is based on the way a company’s management organized segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision-making group is composed of the chief executive officer and the chief financial officer. The Company operates in three segments, Information & Software, Services and Other.

Asset information by operating segment is not presented below since the chief operating decision maker does not review this information by segment. The reporting segments follow the same accounting policies used in the preparation of the Company’s unaudited consolidated financial statements.

The following represents selected information for the Company’s reportable segments:

	Year Ended December 31,
	2021			2020
Information and Software
Revenue	$	14,952,247		$	544,871
Costs and expenses		26,412,188			3,893,910
Loss from operations		(11,459,941	)		(3,349,039	)
Total other income/(expense)		—			—
Net loss before income taxes	$	(11,459,941	)	$	(3,349,039	)
Services
Revenue	$	1,122,528		$	—
Costs and expenses		1,182,834			—
Loss from operations		(60,306	)		—
Total other income/(expense)		—			—
Net loss before income taxes	$	(60,306	)	$	—
Other
Revenue	$	804,940		$	—
Costs and expenses		1,079,144			—
Loss from operations		(274,204	)		—
Total other income/(expense)		(787	)		—
Net loss before income taxes	$	(274,991	)	$	—
Centrally Managed Costs
Revenue	$	—		$	—
Costs and expenses		15,822,306			1,641,387
Loss from operations		(15,822,306	)		(1,641,387	)
Total other income/(expense)		1,088,950			(5,601	)
Net loss before income taxes		(14,733,356	)		(1,646,988	)
Income tax expense		(22,511	)		—
Net loss	$	(14,755,867	)	$	(1,646,988	)
Totals
Revenue	$	16,879,715		$	544,871
Costs and expenses		44,496,472			5,528,628
Loss from operations		(27,616,757	)		(4,983,757	)
Total other income/(expense)		1,088,163			3,574
Net loss before income taxes		(26,528,594	)		(4,980,183	)
Income tax expense		(22,511	)		—
Net loss	$	(26,551,105	)	$	(4,980,183	)

Approximately 98% of revenues were attributable to customers in the United States for the year ended December 31, 2021. All of the Company’s revenues were attributable to customers in the United States for the year ended December 31, 2020.