Quarterly report pursuant to Section 13 or 15(d)

Information on Business Segments

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Information on Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Information on Business Segments

8) Information on Business Segments

 

We organize our business segments based on the nature of the products and services offered. Operating segments are defined as the components of as business which separate financial information is available. In the following tables of financial data, the total of the operating results of these business segments is reconciled, as appropriate, to the corresponding consolidated amount. There are some corporate expenses that were not allocated to the business segments, and these expenses are contained in the “Operating expenses” under Parent. Management has determined to report under the following segments:

 

- Corporate – for shared expenses between the other reportable segments
- Pressure Biosciences reported as “Industrial
- Uncle Buds reported as “Consumer”

 

The Company’s reportable segments information is as follows:

 Schedule of Operating Expenses

                                                 
    For the three months ended March 31, 2024     For the three months ended March 31, 2023  
    Parent     Industrial     Consumer     Totals     Parent     Industrial     Consumer     Totals  
Revenue   $ 12,804     $ 182,665     $ 153,788     $ 349,257     $ -     $ 740,600     $ -     $ 740,600  
Less direct cost of revenue     -       155,779       77,531       233,310       -       358,628       -       358,628  
Gross Margin     12,804       26,886       76,257       115,947       -       381,972       -       381,972  
Operating expenses     716,658       347,597       536,250       1,600,505       3,740,030       279,687       -       4,019,717  
(Net loss) from operations     (703,854 )     (320,711 )     (459,993 )     (1,484,558 )     (3,740,030 )     102,285       -       (3,637,745 )
Non-operating income (expenses)     (6,589,865 )     -       -       (6,589,865 )     (3,220,089 )     -       -       (3,220,089 )
Preferred dividends     (632,053 )     -       -       (632,053 )     (431,807 )     -       -       (431,807 )
Net (loss)   $ (7,925,772 )   $ (320,711 )   $ (459,993 )   $ (8,706,476 )   $ (7,391,926 )   $ 102,285     $        -     $ (7,289,641 )
                                                               
    As of March 31, 2024     As of December 31, 2023  
Segment Assets   $ 1,521,896     $ 385,457     $ 5,084,176     $ 6,991,529     $ 1,049,676     $ -     $ -     $ 1,049,676  

 

Our Industrial segment contains the UST, BaroFold and PCT Platforms. Our Consumer segment represents the activity in our recent purchase of Uncle Bud’s. Uncle Bud’s offer products direct-to-consumer on-line and through major retailers.