Empery Digital Inc. New Standards Disclosure
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring public companies to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public companies with a single report segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements of ASU 2023-07 during the year ended December 31, 2024. The Company operates as one operating segment and the Company’s CEO is the chief operating decision maker (“CODM”). The CODM uses the consolidated statement of operations to assess financial performance and allocate resources.
The following table presents the selected financial information with respect to the Company’s single operating segment:
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 4,037,191 | $ | 3,260,988 | ||||
| Cost of goods sold | (18,168,288 | ) | (11,391,040 | ) | ||||
| Gross Margin | (14,131,097 | ) | (8,130,052 | ) | ||||
| Sales & Marketing | 2,548,953 | 7,405,705 | ||||||
| Product Development | 2,668,330 | 7,868,985 | ||||||
| General & Administrative | 7,665,647 | 6,388,007 | ||||||
| Total Operating Expenses | 12,882,930 | 21,662,697 | ||||||
| Loss from Operations | (27,014,027 | ) | (29,792,749 | ) | ||||
| Other Income (Expense) | (18,496,282 | ) | (15,278,462 | ) | ||||
| Net loss | $ | (45,510,309 | ) | $ | (45,071,211 | ) | ||
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About New Standards Disclosures
New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.
Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.