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2. |
Segment Reporting – Significant
Expense Disclosure |
Our Chief Operating Decision Maker (CODM),
the Acting Principal Financial Officer, manages our business activities as a single operating and reportable segment at the entity level.
The information in our financial statements along with the quarterly forecasts and weekly disbursements are some of the regularly provided
financial information our CODM receives. Accordingly, our CODM uses net loss to measure segment profit or loss, allocate resources and
assess performance. In accordance with ASU 2023-07, the following significant expense categories have been identified based on the information
regularly reviewed when assessing performance and allocating resources:
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1. |
Salaries and employee compensation and benefits – Through the second quarter of 2024, salaries and related employee compensation and benefit costs represented a significant portion of our expenses. However, as June 30, 2024, all employees were terminated, and no further salary-related expenses were incurred for the remainder of the fiscal year. In March 2025, we entered into an employment agreement with Chay Weei Jye providing for a base annual salary of $60,000. |
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2. |
Professional fees – Primarily consists of legal fees related to corporate governance and regulatory compliance, accounting and audit fees associated with financial reporting and compliance with SEC requirements and consulting fees paid to certain contractors. |
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3. |
Insurance expenses – Includes general liability, directors and officers (D&O) insurance, and other business-related coverage. |
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4. |
Board of directors’ fees – Paid to directors for their service on the board and its committees. |
Amounts incurred for the above-identified expenses
for the three months ended March 31, 2025 and 2024 were as follows:
| Schedule of segment reporting significant expense |
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Three Months Ended
March 31, |
|
| (in thousands of U.S. dollars) |
|
2025 |
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2024 |
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| Salaries and employee compensation benefits |
|
$ |
15 |
|
|
$ |
415 |
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| Professional fees |
|
|
315 |
|
|
|
397 |
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| Insurance expenses |
|
|
110 |
|
|
|
124 |
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| Board of directors fees |
|
|
39 |
|
|
|
81 |
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| Total |
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$ |
479 |
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$ |
1,017 |
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