XML 17 R11.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue and Segment Information
 3 Months Ended
Mar. 31, 2025
Revenue and Segment Information [Abstract]  
Revenue and Segment Information

3. Revenue and Segment Information

In connection with the Company's acquisition of 51% ownership of PET Labs in October 2023, the Company manufactures and sells nuclear medical doses for PET scanning in South Africa. The Company recognized revenue of $1,101,605 and $840,354 for the three months ended March 31, 2025 and 2024, respectively.

The following table presents changes in the Company’s accounts receivable for the three months ended March 31, 2025:

 

 

Balance as of
December 31,
2024

 

 

Additions

 

 

Deductions

 

 

Balance as of
March 31,
2025

 

Accounts receivable

 

$

706,925

 

 

$

1,101,605

 

 

$

(1,116,287

)

 

$

692,243

 

 

Segment Information

Beginning in 2024, primarily as a result of increased business activities of its subsidiary, Quantum Leap Energy LLC, the Company has two operating segments: (i) nuclear fuels, and (ii) specialist isotopes and related services.

The nuclear fuels segment is focused on research and development of technologies and methods used to produce high-assay low-enriched uranium (HALEU) and Lithium-6 for the advanced nuclear fuels target end market.

The specialist isotopes and related services segment is focused on research and development of technologies and methods used to separate high-value, low-volume isotopes (such as C-14, Mo-100 and Si-28) for highly specialized target end markets other than advanced nuclear fuels, including pharmaceuticals and agrochemicals, nuclear medical imaging and semiconductors, as well as services related to these isotopes, and this segment includes PET Labs.

The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The segment revenue and segment net loss is regularly reviewed by the CODM in deciding how to allocate resources. The Company manages assets on a total company basis, not by operating segment, as the assets are shared or commingled. Therefore, the CODM does not regularly review any asset information by operating segment and, accordingly, asset information is not reported on a segment basis.

Select information from the consolidated statements of operations and comprehensive loss as of the three months ended March 31, 2025 and 2024 is as follows:

 

 

Revenues

 

 

Net Loss Before
Allocation to Noncontrolling Interest

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

Segment

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Specialist isotopes and related services

 

$

1,101,605

 

 

$

840,354

 

 

$

(6,389,533

)

 

$

(4,643,494

)

Nuclear fuels

 

 

—

 

 

 

—

 

 

 

(2,093,649

)

 

 

(2,079,007

)

Corporate

 

 

—

 

 

 

—

 

 

 

21,750

 

 

 

(242,343

)

 

$

1,101,605

 

 

$

840,354

 

 

$

(8,461,432

)

 

$

(6,964,844

)

 

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated income before income taxes, for the three months ended March 31, 2025 and 2024, is as follows:

 

 

 

Three Months Ended March 31, 2025

 

 

 

Specialist isotopes and related services

 

 

Nuclear fuels

 

 

Corporate

 

 

Total

 

Sales from external customers

 

$

1,101,605

 

 

$

—

 

 

$

—

 

 

$

1,101,605

 

Less: cost of sales

 

 

(774,765

)

 

 

—

 

 

 

—

 

 

 

(774,765

)

Segment gross profit

 

 

326,840

 

 

 

—

 

 

 

—

 

 

 

326,840

 

Personnel expenses

 

 

3,300,041

 

 

 

591,243

 

 

 

—

 

 

 

3,891,284

 

Professional fees

 

 

1,968,498

 

 

 

376,029

 

 

 

—

 

 

 

2,344,527

 

Other segment expenses

 

 

1,698,974

 

 

 

344,391

 

 

 

—

 

 

 

2,043,365

 

Segment operating loss

 

 

(6,640,673

)

 

 

(1,311,663

)

 

 

—

 

 

 

(7,952,336

)

Foreign exchange transaction gain

 

 

—

 

 

 

—

 

 

 

(61,470

)

 

 

(61,470

)

Change in fair value of share liability

 

 

—

 

 

 

—

 

 

 

12,500

 

 

 

12,500

 

Change in fair value of convertible notes payable

 

 

—

 

 

 

(957,408

)

 

 

—

 

 

 

(957,408

)

Interest income (expense), net

 

 

251,140

 

 

 

175,422

 

 

 

—

 

 

 

426,562

 

Loss before income tax expense

 

$

(6,389,533

)

 

$

(2,093,649

)

 

$

(48,970

)

 

$

(8,532,152

)

 

 

 

Three Months Ended March 31, 2024

 

 

 

Specialist isotopes and related services

 

 

Nuclear fuels

 

 

Corporate

 

 

Total

 

Sales from external customers

 

$

840,354

 

 

$

—

 

 

$

—

 

 

$

840,354

 

Less: cost of sales

 

 

(561,484

)

 

 

—

 

 

 

—

 

 

 

(561,484

)

Segment gross profit

 

 

278,870

 

 

 

—

 

 

 

—

 

 

 

278,870

 

Personnel expenses

 

 

2,606,446

 

 

 

—

 

 

 

—

 

 

 

2,606,446

 

Professional fees

 

 

1,248,982

 

 

 

1,110,188

 

 

 

—

 

 

 

2,359,170

 

Other segment expenses

 

 

1,128,064

 

 

 

—

 

 

 

—

 

 

 

1,128,064

 

Segment operating loss

 

 

(4,704,622

)

 

 

(1,110,188

)

 

 

—

 

 

 

(5,814,810

)

Foreign exchange transaction gain

 

 

—

 

 

 

—

 

 

 

(24,343

)

 

 

(24,343

)

Change in fair value of share liability

 

 

—

 

 

 

—

 

 

 

(218,000

)

 

 

(218,000

)

Change in fair value of convertible notes payable

 

 

—

 

 

 

(953,710

)

 

 

—

 

 

 

(953,710

)

Interest income (expense), net

 

 

(1,600

)

 

 

—

 

 

 

—

 

 

 

(1,600

)

Loss before income tax expense

 

$

(4,706,222

)

 

$

(2,063,898

)

 

$

(242,343

)

 

$

(7,012,463

)