| Schedule of Revenues by Reportable Segment |
The following table presents a comparative summary of the Company’s revenues by reportable segment for the periods presented:
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Year Ended
December 31,
2024 |
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Year Ended
December 31,
2023 |
|
$'000 |
% |
|
$'000 |
% |
| Segment Revenue |
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|
|
|
Smart Windows |
$ |
— |
|
— |
% |
|
$ |
— |
|
— |
% |
Fiber Optics |
13,624 |
|
69 |
% |
|
153 |
|
100 |
% |
Slant Wells |
4,605 |
|
23 |
% |
|
— |
|
— |
% |
Element 82 |
1,472 |
|
8 |
% |
|
— |
|
— |
% |
| Total Revenue |
$ |
19,701 |
|
100 |
% |
|
$ |
153 |
|
100 |
% |
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December 31,
2024 |
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December 31,
2023 |
|
$'000 |
% |
|
$'000 |
% |
| Long-Lived Assets |
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| Smart Windows |
$ |
2,414 |
|
22 |
% |
|
$ |
4,372 |
|
58 |
% |
| Fiber Optics |
5,608 |
|
51 |
% |
|
3,146 |
|
42 |
% |
| Slant Wells |
858 |
|
8 |
% |
|
— |
|
— |
% |
| Element 82 |
2,082 |
|
19 |
% |
|
— |
|
— |
% |
Total Segment Assets |
10,962 |
|
100 |
% |
|
7,518 |
|
100 |
% |
Corporate |
309 |
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|
139 |
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Total Long-Lived Assets |
$ |
11,271 |
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|
$ |
7,657 |
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| Schedule of Operations by Reportable Segment |
The following table presents a comparative summary of the Company’s profit or loss measure by reportable segment for the periods presented (in thousands):
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For the Year Ended December 31, 2024 |
|
Smart Windows |
|
Fiber Optics |
|
Slant Wells |
|
Element 82 |
|
Corporate and Other (a) |
|
Total |
| Revenue |
$ |
— |
|
|
$ |
13,624 |
|
|
$ |
4,605 |
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|
$ |
1,472 |
|
|
$ |
— |
|
|
$ |
19,701 |
|
| Cost of revenue (excluding depreciation and amortization) |
— |
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|
(16,319) |
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|
(2,992) |
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(558) |
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— |
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(19,869) |
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| Gross margin |
— |
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(2,695) |
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|
1,613 |
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|
914 |
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— |
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(168) |
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Compensation (excluding research and development) |
— |
|
|
430 |
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— |
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|
341 |
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|
11,335 |
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|
12,106 |
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| Travel expenses |
125 |
|
|
350 |
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1 |
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|
34 |
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|
96 |
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|
606 |
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| Occupancy (rent and utilities) |
299 |
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|
197 |
|
|
— |
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|
1 |
|
|
268 |
|
|
765 |
|
| Professional fees |
366 |
|
|
1,011 |
|
|
— |
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|
— |
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|
2,665 |
|
|
4,042 |
|
| General and administrative insurance |
— |
|
|
78 |
|
|
— |
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|
22 |
|
|
126 |
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|
226 |
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| Research and development (excluding depreciation and amortization) |
2,812 |
|
|
— |
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|
— |
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|
— |
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|
— |
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|
2,812 |
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| Public company expenses |
— |
|
|
— |
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— |
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— |
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|
289 |
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|
289 |
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| Other segment items (b) |
20 |
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|
647 |
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|
4 |
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|
132 |
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|
1,194 |
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|
1,997 |
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| Depreciation and amortization |
555 |
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|
443 |
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|
48 |
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|
65 |
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|
4 |
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|
1,115 |
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| Segment profit (loss) |
(4,177) |
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(5,851) |
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|
1,560 |
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|
319 |
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(15,977) |
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(24,126) |
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| Reconciliation of profit or loss |
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| Adjustments and reconciling items: |
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| Interest expense |
— |
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— |
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— |
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— |
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(994) |
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|
(994) |
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| Other expense, net (c) |
— |
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— |
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— |
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— |
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(826) |
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|
(826) |
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| Net income (loss) |
$ |
(4,177) |
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|
$ |
(5,851) |
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$ |
1,560
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|
$ |
319
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|
$ |
(17,797) |
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$ |
(25,946) |
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(a) The Corporate and Other are expenses that are not currently allocated among operating segments.
(b) The other segment items primarily include amortization, dues and subscriptions, accrual of arbitration settlement, office supplies and other miscellaneous selling, general and administrative expenses.
(c) Other expense, net primarily includes realized loss from ELOC derivatives.
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For the Year Ended December 31, 2023 |
|
Smart Windows |
|
Fiber Optics |
|
Slant Wells |
|
Element 82 |
|
Corporate and Other (a) |
|
Total |
Revenue |
$ |
— |
|
|
$ |
153 |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
153 |
|
Cost of revenue (excluding depreciation and amortization) |
— |
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|
(886) |
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— |
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— |
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— |
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(886) |
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Gross margin |
— |
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(733) |
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— |
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— |
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— |
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(733) |
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Compensation (excluding research and development) |
— |
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|
2,487 |
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— |
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— |
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|
4,756 |
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|
7,243 |
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Travel expenses |
— |
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|
366 |
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— |
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— |
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|
57 |
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|
423 |
|
Occupancy (rent and utilities) |
— |
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|
84 |
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— |
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— |
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|
676 |
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|
760 |
|
Professional fees |
— |
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|
405 |
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— |
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— |
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|
4,244 |
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|
4,649 |
|
General and administrative insurance |
— |
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|
132 |
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|
— |
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|
— |
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|
153 |
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|
285 |
|
Research and development (excluding depreciation and amortization) |
2,231 |
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|
— |
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|
— |
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|
— |
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— |
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|
2,231 |
|
Public company expenses |
— |
|
|
1 |
|
|
— |
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|
— |
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|
182 |
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|
183 |
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| Other segment items (b) |
— |
|
|
591 |
|
|
— |
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— |
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|
453 |
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|
1,044 |
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| Depreciation and amortization |
574 |
|
|
156 |
|
|
— |
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— |
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|
3 |
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|
733 |
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| Goodwill impairment charge |
— |
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|
649 |
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— |
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— |
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— |
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|
649 |
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Intangible asset impairment |
— |
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|
200 |
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— |
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— |
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— |
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|
200 |
|
Loss on disposal of assets and lease |
— |
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— |
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— |
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— |
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|
175 |
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|
175 |
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Segment loss |
(2,805) |
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(5,804) |
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— |
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— |
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(10,699) |
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(19,308) |
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Reconciliation of loss |
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Adjustments and reconciling items: |
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Interest expense |
— |
|
|
— |
|
|
— |
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|
— |
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|
(9,417) |
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|
(9,417) |
|
Other expense, net (c) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(259) |
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|
(259) |
|
Net loss |
$ |
(2,805) |
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|
$ |
(5,804) |
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|
$ |
—
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$ |
—
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$ |
(20,375) |
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$ |
(28,984) |
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(a) The Corporate and Other are expenses that are not currently allocated among operating segments.
(b) The other segment items primarily include amortization, dues and subscriptions, office supplies and other miscellaneous selling, general and administrative expenses. (c) The other expense, net primarily includes change in fair value of financial assets and liabilities, and gain or loss from extinguishment of financial assets and liabilities.
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