Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

The Company operates as a single reportable segment, as the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer (“CEO”), evaluates the business on a consolidated basis and does not receive discrete financial information for multiple business units.

Measure of Segment Profit or Loss

The CODM assesses the Company’s financial performance based on operating loss, which aligns with the amount reported in the statement of comprehensive loss. The following table presents a reconciliation of segment operating loss to net loss:

	Years ended December 31
	2024			2023
Revenues
Licenses, royalties and fees	$	511,500		$	563,200
Product and other sales		1,606,300			1,520,700
Total revenues		2,117,800			2,083,900
Cost of revenues
Licenses, royalties and fees		218,800			214,100
Product and other sales		798,700			767,900
Total cost of revenues		1,017,500			982,000
Gross profit		1,100,300			1,101,900
Operating expenses
Research and development		178,200			163,400
Sales and marketing		322,400			270,800
General and administrative		3,900,000			2,538,300
Total operating expenses		4,400,600			2,972,500
Net loss from operations		(3,300,300	)		(1,870,600	)
Other income (expenses)
Other income		84,000			—
Interest income		560,700			326,900
Interest expense and bank charges		(23,300	)		(14,900
Total other income (expenses)		621,400			312,000
Net income (loss) before income taxes		(2,678,900	)		(1,558,600	)
Income taxes provision (benefit)		—			(122,700	)
Net income (loss)	$	(2,678,900	)	$	(1,435,900	)

Significant Segment Expenses

The Company considers the following as significant expenses in evaluating its segment performance:

· Research and Development: includes costs related to personnel, laboratory materials and supplies and product development and testing for ink technologies.

· General and Administrative: includes personnel costs, professional fees, and other overhead expenses.

· Sales and Marketing: includes personnel costs and other sales related expenses.

· Cost of Revenues: represents labor costs, material costs and manufacturing overhead costs associated with the production of materials transferred to the customer from the Company’s facility.

Since the Company has only one reportable segment, no additional segment disclosures are required beyond entity-wide disclosures presented below.

Entity-Wide Disclosures

· Geographic Revenue Information: For the year ended December 31, 2024 23% of the Company’s net sales were generated in North America and 77% internationally. For the year ended December 31, 2023, 28% of the Company’s net sales were generated in North America and 72% were generated internationally. Refer to Note 13.

· Major Customers: The Company has two customers that accounted for 88% of revenue and 93% of net accounts receivable for the year ended December 31, 2024 and 83% of revenue and 89% of net accounts receviable for the year ended December 31, 2023. Refer to Note 13.