Quarterly report [Sections 13 or 15(d)]

Segment Reporting ??? Significant Expense Disclosure

v3.25.2
Segment Reporting – Significant Expense Disclosure
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting – Significant Expense Disclosure

 

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:

 

  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.
     
  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.
     
  3. Insurance expenses – Includes general liability, directors and officers (D&O) insurance, and other business-related coverage.
     
  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 and six months ended June 30, 2025 and 2024 were as follows:

 

                               
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
(in thousands of U.S. dollars)   2025     2024     2025     2024  
Salaries and employee compensation benefits   $ 15     $ 1,090     $ 30     $ 1,505  
Professional fees     367       328       682       724  
Insurance expenses     108       124       218       247  
Board of directors’ fees     39       284       79       365  
Total   $ 529     $ 1,826     $ 1,009     $ 2,841