BNB PLUS CORP. Segments Disclosure
NOTE K – SEGMENT AND GEOGRAPHIC AREA INFORMATION
As detailed in Note C above, the Company currently has two reportable segments. (1) Therapeutic DNA Production Services and (2) DNA Tagging and Security Products and Services. For the fiscal year ended September 30, 2024, the MDx Testing Services segment is also presented. Resources are allocated by our CEO and CFO whom, collectively the Company has determined to be our CODM.
Information regarding operations by segment for the fiscal year ended September 30, 2025 is as follows:
Therapeutic DNA | DNA Tagging and | ||||||||
| Production | | Security Products | | Consolidated | ||||
Revenues: |
| |
| |
| | |||
Product revenues | $ | 828,806 | $ | 595,341 | $ | 1,424,147 | |||
Service revenues |
| 159,312 |
| 553,476 |
| 712,788 | |||
Total revenues | $ | 988,118 | $ | 1,148,817 | $ | 2,136,935 | |||
Gross profit | $ | 336,666 | $ | 502,241 | $ | 838,907 | |||
Segment operating expenses | |||||||||
Selling, general and administrative | $ | 4,203,069 | $ | 1,273,113 | $ | 5,476,182 | |||
Research and development | 5,436,239 | 140,267 | 5,576,506 | ||||||
Total segment operating expenses | $ | 9,639,308 | $ | 1,413,380 | $ | 11,052,688 | |||
(Loss) income from segment operations (a) | $ | (9,302,642) | $ | (911,139) | $ | (10,213,781) | |||
Depreciation expense for the fiscal year ended September 30, 2025 was $344,008 for the Therapeutic DNA Production and Services segment and $40,157 for the DNA Tagging and Security Products and Services segment.
Information regarding operations by segment for the fiscal year ended September 30, 2024 is as follows:
Therapeutic DNA | MDx Testing | DNA Tagging and | ||||||||||
| Production | | Services and Kits | | Security Products | | Consolidated | |||||
Revenues: | ||||||||||||
Product revenues | $ | 560,000 | $ | — | $ | 514,813 | $ | 1,074,813 | ||||
Service revenues |
| 335,354 |
| — |
| 703,323 |
| 1,038,677 | ||||
Clinical laboratory service revenues |
| — |
| 1,330,849 |
| — |
| 1,330,849 | ||||
Less intersegment revenues |
| — |
| (12,920) |
| — |
| (12,920) | ||||
Total revenues | $ | 895,354 | $ | 1,317,929 | $ | 1,218,136 | $ | 3,431,419 | ||||
Gross profit | $ | 678,167 | $ | (49,831) | $ | 388,543 | $ | 1,016,879 | ||||
Segment operating expenses | ||||||||||||
Selling, general and administrative | $ | 3,065,288 | $ | 1,127,462 | $ | 2,245,935 | $ | 6,438,685 | ||||
Research and development | 2,402,151 | 311,927 | 694,585 | 3,408,663 | ||||||||
Total segment operating expenses | $ | 5,467,439 | $ | 1,439,389 | $ | 2,940,520 | $ | 9,847,350 | ||||
(Loss) income from segment operations (a) | $ | (4,789,272) | $ | (1,489,220) | $ | (2,551,977) | $ | (8,830,469) | ||||
Depreciation expense for the fiscal year ended September 30, 2024 was $164,275 for the Therapeutic DNA Production and Services segment and $266,677 for the DNA Tagging and Security Products and Services segment.
NOTE K – SEGMENT AND GEOGRAPHIC AREA INFORMATION, continued
Reconciliation of segment loss from operations to corporate net loss:
September 30, | ||||||
| 2025 | 2024 | ||||
Loss from operations of reportable segments | | $ | (10,213,781) | | $ | (8,830,469) |
General corporate expenses (b) |
| (5,834,814) |
| (5,194,296) | ||
Interest income |
| 192,915 |
| 176,301 | ||
Unrealized gain on change in fair value of warrants classified as a liability | 319,630 | 9,430,000 | ||||
Unrealized loss on change in fair value of warrants classified as a liability - warrant modification | — | (394,000) | ||||
Transaction costs allocated to warrant liabilities | — | (633,198) | ||||
Loss on issuance of warrants | — | (1,633,767) | ||||
Income tax benefit | 684,115 | — | ||||
Net loss from discontinued operations |
| (392,731) |
| — | ||
Other income (expense), net |
| (106,580) | $ | (8,877) | ||
Consolidated net loss | $ | (15,349,246) | $ | (7,088,306) | ||
(a) | Segment operating loss consists of net sales less cost of sales, specifically identifiable research and development, and selling, general and administrative expenses. |
(b) | General corporate expenses consists of Selling, general and administrative expenses that are not specifically identifiable to a segment. |
The Company attributes net revenues from external customers according to the geographic location of the customer. Net revenues by geographic location of customers are as follows:
Year Ended September 30, | ||||||
| 2025 | | 2024 | |||
Americas | $ | 1,010,795 | $ | 951,896 | ||
Europe |
| 105,584 |
| 172,369 | ||
Asia and other |
| 1,020,556 |
| 989,225 | ||
Total | $ | 2,136,935 | $ | 2,113,490 | ||
All long-lived assets are located in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 22, 2025 | Showing above |
| 2024 | Dec 17, 2024 | |
| 2023 | Dec 7, 2023 | |
| 2022 | Dec 14, 2022 | |
| 2021 | Dec 9, 2021 | |
| 2020 | Dec 17, 2020 | |
| 2019 | Dec 12, 2019 | |
| 2018 | Dec 18, 2018 | |
| 2016 | Dec 6, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.