Business Segment

12 Months Ended

Dec. 31, 2023

Business Segment [Abstract]

BUSINESS SEGMENT

Note 14 BUSINESS SEGMENT

During the years ended December 31, 2023 and 2022, the Company managed and classified its business into two reportable business segments:

● FOXO Labs is commercializing proprietary epigenetic biomarker technology to be used for underwriting risk classification in the global life insurance industry. The Company’s innovative biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting and risk assessment. The Company’s research demonstrates that epigenetic biomarkers, collected from saliva, provide measures of individual health and wellness for the factors used in life insurance underwriting traditionally obtained through blood and urine specimens.

● FOXO Life was redefining the relationship between consumers and insurer by combining life insurance with a dynamic molecular health and wellness platform. FOXO Life sought to transform the value proposition of the life insurance carrier from a provider of mortality risk protection products to a partner supporting its customers’ healthy longevity. FOXO Life’s multi-omics health and wellness platform was to provide life insurance consumers with valuable information and insights about their individual health and wellness to support longevity. On February 3, 2023, the Company sold certain assets of FOXO Life thereby discontinuing the Company’s business in life insurance due to the uneconomic nature of the business unit. The sale is more fully described in Note 13.

The primary income measure used for assessing segment performance and making operating decisions is earnings (losses) before interest, income taxes, depreciation, amortization, and stock-based compensation (“Segment Earnings (Losses)”). The segment measure of profitability also excludes corporate and other costs, including management, IT, overhead costs and certain other non-cash charges or benefits, such as impairment and any non-cash changes in fair value.

FOXO Labs generates revenues through performing epigenetic biomarker services and by collecting epigenetic services royalties. FOXO Life generated revenues from the sale of life insurance products. Asset information is not used by the Chief Operating Decision Maker (“CODM”) or included in the information provided to the CODM to make decisions and allocate resources.

Summarized below is information about the Company’s operations for the years ended December 31, 2023 and 2022 by business segment:

	Revenues				Losses
	2023		2022		2023			2022
FOXO Labs (a)	$	126	$	483	$	(2,149	)	$	(2,769	)
FOXO Life		19		28		(1,645	)		(3,735	)
		145		511		(3,794	)		(6,504	)
Corporate and other (b)		-		-		(21,593	)		(87,311	)
Interest expense		-		-		(1,064	)		(1,440	)
Total	$	145	$	511	$	(26,451	)	$	(95,255	)

(a) For 2023, FOXO Labs losses include $1,313 for the write off of supplies.

(b) For 2023, Corporate and other includes stock-based compensation, including amortization of consulting fees paid in stock, of $2,586, depreciation and amortization expense of $1,279, impairment charges of $2,633, change in fair value of warrant liability of $303, loss from PIK Note Amendment and 2022 Debenture Release of $3,521 and $19 of other income, net. For 2022, Corporate and other includes stock-based compensation, including the consulting agreement, Cantor Commitment Fee and vendor shares expense of $17,708, depreciation and amortization expense of $1,487, change in fair value of convertible debentures and warrant liability expense of $26,104, $1,307 for impairment charge and $27,544 of other non-operating expenses. See Notes 5, 6, 7, 9 and 11 for additional information.