SEGMENT RESULTS

3 Months Ended

Mar. 31, 2022

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 condensed consolidated financial statements.

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

	For the Three Months Ended March 31,
	2022			2021
Information and Software
Revenue	$	5,809,094		$	1,408,978
Costs and expenses		7,443,215			3,637,602
Loss from operations	$	(1,634,121	)	$	(2,228,624	)
Total other income/(expense)		—			—
Loss before income taxes	$	(1,634,121	)	$	(2,228,624	)
Services
Revenue	$	428,706		$	96,311
Costs and expenses		291,598			80,290
Income from operations	$	137,108		$	16,021
Total other income/(expense)		—			—
Income before income taxes	$	137,108		$	16,021
Other
Revenue	$	153,479		$	115,320
Costs and expenses		217,063			79,887
Income (loss) from operations	$	(63,584	)	$	35,433
Total other income/(expense)		50			(88	)
Income (loss) before income taxes	$	(63,534	)	$	35,345
Centrally Managed Costs
Revenue	$	—		$	—
Costs and expenses		10,353,684			2,939,345
Loss from operations	$	(10,353,684	)	$	(2,939,345	)
Total other income/(expense)		65,143			624,956
Loss before income taxes	$	(10,288,541	)	$	(2,314,389	)
Income tax expense		(5,000	)		—
Net loss	$	(10,293,541	)	$	(2,314,389	)
Totals
Revenue	$	6,391,279		$	1,620,609
Costs and expenses		18,305,560			6,737,124
Loss from operations	$	(11,914,281	)	$	(5,116,515	)
Total other income/(expense)		65,193			600,862
Loss before income taxes	$	(11,849,088	)	$	(4,515,653	)
Income tax expense		(5,000	)		—
Net loss	$	(11,854,088	)	$	(4,515,653	)

Approximately 98% of the Company’s revenues were attributable to customers in the United States for the three months ended March 31, 2022 and 2021.