Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
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 (in thousands):
For the three months ended,
September 30		 For the nine months ended
September 30,
2024 2023 2024 2023
Segment Revenue
Smart Windows $ —  $ —  $ —  $ — 
Fiber Optics
 4,969  —  10,299  59 
Slant Wells 2,836  —  2,836  — 
Element 82 232  —  232  — 
Total Revenue $ 8,037  $ —  $ 13,367  $ 59 
Schedule of Operations by Reportable Segment
Operations by reportable segment for the three months ended September 30, 2024 and 2023, are as follows (in thousands):

For the three months ended September 30, 2024
Smart Windows Fiber Optics Slant Wells Element 82
Corporate and Other(a)
Total
Revenue $ —  $ 4,969  $ 2,836  $ 232  $ —  $ 8,037 
Cost of revenue —  5,411  1,117  95  —  6,623 
Gross (loss) profit —  (442) 1,719  —  137  —  —  —  1,414 
Operating expenses:
Research and development 720  —  —  —  —  720 
General and administrative —  1,107  1  140  5,259  6,507 
Total operating expenses 720  1,107  1  140  5,259  7,227 
Income (loss) from operations (720) (1,549) 1,718  (3) (5,259) (5,813)
       
Other income (expense), net:      
Interest income (expense) —  (5) —  (1) 6  — 
Other income (expense), net —  8  —  —  (59) (51)
Total other income (expense), net —  3  —  (1) (53) (51)
       
Net income (loss) $ (720) $ (1,546) $ 1,718  $ (4) $ (5,312) $ (5,864)
(a)The Corporate and Other are expenses that are not currently allocated among our Smart Windows division, Fiber Optics division, Slant Wells group and Element 82.
For the three months ended September 30, 2023
Smart Windows Fiber Optics Slant Wells Element 82 Corporate and Other(a) Total
Revenue $ —  $ —  $ —  $ —  $ —  $ — 
Cost of revenue —  —  —  —  —  — 
Gross profit (loss) —  —  —  —  —  — 
Operating expenses:
Research and development 492  —  —  —  —  492 
General and administrative —  471  —  —  2,470  2,941 
Total operating expenses 492  471  —  —  2,470  3,433 
Loss from operations (492) (471) —  —  (2,470) (3,433)
       
Other income (expense), net:      
Interest expense —  (1) —  —  (2,444) (2,445)
Change in fair value of warrants —  —  —  —  2,688  2,688 
Change in fair value of notes —  —  —  —  (40) (40)
Change in fair value of derivative liability —  —  —  —  401  401 
Other expense, net —  —  —  —  (30) (30)
Total other income (expense), net —  (1) —  —  575  574 
       
Net loss $ (492) $ (472) $ —  $ —  $ (1,895) $ (2,859)
(a) The Corporate and Other are expenses that are not currently allocated among our Smart Windows division, Fiber Optics division, Slant Wells group and Element 82.
For the nine months ended September 30, 2024
Smart Windows Fiber Optics Slant Wells Element 82 Corporate and Other(a) Total
Revenue $ —  $ 10,299  $ 2,836  $ 232  $ —  $ 13,367 
Cost of revenue —  11,213  1,135  94  —  12,442 
Gross (loss) profit —  (914) 1,701  138  —  925 
Operating expenses:
Research and development 1,945  —  —  —  —  1,945 
General and administrative —  1,815  5  140  11,445  13,405 
Total operating expenses 1,945  1,815  5  140  11,445  15,350 
Income (loss) from operations (1,945) (2,729) 1,696  (2) (11,445) (14,425)
       
Other income (expense), net:      
Interest expense —  (168) (4) (1) (828) (1,001)
Other income (expense), net —  8  —  —  (87) (79)
Total other expense, net —  (160) (4) (1) (915) (1,080)
       
Net income (loss) $ (1,945) $ (2,889) $ 1,692  $ (3) $ (12,360) $ (15,505)
(a)The Corporate and Other are expenses that are not currently allocated among our Smart Windows division, Fiber Optics division, Slant Wells group and Element 82.
For the nine months ended September 30, 2023
Smart Windows Fiber Optics Slant Wells Element 82 Corporate and Other(a) Total
Revenue $ —  $ 59  $ —  $ —  $ —  $ 59 
Cost of revenue —  54  —  —  —  54 
Gross (loss) profit —  5  —  —  —  5 
Operating expenses:
Research and development 1,523  —  —  —  —  1,523 
General and administrative —  3,381  —  —  7,545  10,926 
Total operating expenses 1,523  3,381  —  —  7,545  12,449 
Loss from operations (1,523) (3,376) —  —  (7,545) (12,444)
       
Other income (expense), net:      
Interest expense —  (10) —  —  (6,960) (6,970)
Loss on extinguishment of warrant liability —  —  —  —  (504) (504)
Loss on extinguishment of debt —  —  —  —  (2,345) (2,345)
Gain on issuance of convertible notes —  —  —  —  64  64 
Change in fair value of warrants —  —  —  —  10,424  10,424 
Change in fair value of notes —  —  —  —  (7,040) (7,040)
Change in fair value of derivative liability —  —  —  —  401  401 
Other expense, net —  —  —  —  (1,264) (1,264)
Total other expense, net —  (10) —  —  (7,224) (7,234)
       
Net loss $ (1,523) $ (3,386) —  $ —  $ (14,769) $ (19,678)
(a)The Corporate and Other are expenses that are not currently allocated among our Smart Windows division, Fiber Optics division, Slant Wells group and Element 82.
Schedule of Long Lived Assets by Segment
The following table presents long-lived assets by segment (in thousands):

As of September 30 As of December 31
2024 2023
Smart Windows $ 2,110  $ 2,490 
Fiber Optics $ 2,632  $ 2,021 
Slant Wells $ 802  $ — 
Element 82 $ 985  $ —