REVENUE

12 Months Ended

Dec. 31, 2020

REVENUE [Abstract]

REVENUE

NOTE 7 — REVENUE:

Deferred Revenue

The Company recognizes income from R&D milestones when those milestones are reached and non-milestone contracts and grants when earned.  These projects are invoiced after expenses are incurred. Any projects or grants funded in advance are deferred until earned.

From time to time the Company may receive prepayment from customers for products to be manufactured and shipped at future dates. Customer payments in advance of the applicable performance obligation are deferred and recognized in accordance with ASC 606.

As of December 31, 2020 and 2019, there were $1,606,997 and $125,000 unearned advanced revenues, respectively.

Disaggregation of Revenue

The following tables disaggregates total revenues for the period ending December 31, 2020:

	Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	24,767,149	$	-	$	24,767,149
R&D revenue		4,851,562		-		4,851,562
Government grant income		-		2,018,924		2,018,924
License and royalty revenue		832,562		-		832,562
	$	30,451,273	$	2,018,924	$	32,470,197

Exchange transactions are recognized in accordance with ASC 606, while non-exchange transactions are recognized in accordance with ASU 2018-08.

The following tables disaggregates total revenues for the period ending December 31, 2020 by region:

	Total
Africa	$	4,890,370
Asia		824,488
Europe & Middle East		9,905,437
Latin America		9,841,773
United States		7,008,129
	$	32,470,197

The following tables disaggregates total revenues for the period ending December 31, 2019:

	Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	28,844,997	$	-	$	28,844,997
R&D revenue		3,321,031		704,507		4,025,538
Government grant income		-		654,744		654,744
License and royalty revenue		938,753		-		938,753
	$	33,104,781	$	1,359,251	$	34,464,032

Exchange transactions are recognized in accordance with ASC 606, while non-exchange transactions are recognized in accordance with ASU 2018-08.

The following tables disaggregates total revenues for the period ending December 31, 2019 by region:

	Total
Africa	$	7,564,360
Asia		888,800
Europe & Middle East		6,498,995
Latin America		11,808,768
United States		7,703,109
	$	34,464,032