REVENUE

3 Months Ended

Mar. 31, 2021

REVENUE [Abstract]

REVENUE

NOTE 3 — REVENUE:

Disaggregation of Revenue

The following table disaggregates total revenues:

	March 31, 2021						March 31, 2020
	Exchange Transactions		Non-Exchange Transactions		Total		Exchange Transactions		Non-Exchange Transactions		Total
Product revenue	$	4,024,662	$	-	$	4,024,662	$	5,716,593	$	-	$	5,716,593
R&D Revenue		1,106,639		-		1,106,639		907,687		-		907,687
Government grant income		–		3,350,000		3,350,000		–		–		–
License and royalty revenue		243,058		-		243,058		235,304		-		235,304
	$	5,374,359	$	3,350,000	$	8,724,359	$	6,859,584	$	-	$	6,859,584

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

The following table disaggregates total revenues by geographic location:

	For the three months ended
	March 31, 2021		March 31, 2020
Africa	$	1,344,858	$	883,515
Asia		216,954		363,288
Europe & Middle East		2,600,274		1,639,782
Latin America		258,019		2,116,395
United States		4,304,254		1,856,604
	$	8,724,359	$	6,859,584

Contract Liabilities

Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the Company performs under the contract. At December 31, 2020, the Company reported $1.6 million in deferred revenue, of which $1.2 million was earned and recognized during the three months ended March 31, 2021. At March 31, 2021, the Company reported $0.4 million in deferred revenue, which is expected to be recognized in the next six months.