REVENUE

6 Months Ended

Jun. 30, 2021

REVENUE [Abstract]

REVENUE

NOTE 3 — REVENUE:

Disaggregation of Revenue

The following table disaggregates Total Revenues:

	For the three months ended
	June 30, 2021						June 30, 2020
	Exchange Transactions		Non-Exchange Transactions		Total		Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	3,931,383	$	-	$	3,931,383	$	3,791,574	$	-	$	3,791,574
R&D revenue		727		-		727		1,193,973		-		1,193,973
Government grant income		-		2,280,000		2,280,000		-		-		-
License and royalty revenue		250,000		-		250,000		125,625		-		125,625
	$	4,182,110	$	2,280,000	$	6,462,110	$	5,111,172	$	-	$	5,111,172

	For the six months ended
	June 30, 2021						June 30, 2020
	Exchange Transactions		Non-Exchange Transactions		Total		Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	7,956,045	$	-	$	7,956,045	$	9,508,166	$	-	$	9,508,166
R&D revenue		1,107,366		-		1,107,366		2,101,660		-		2,101,660
Government grant income		-		5,630,000		5,630,000		-		-		-
License and royalty revenue		493,058		-		493,058		360,929		-		360,929
	$	9,556,469	$	5,630,000	$	15,186,469	$	11,970,755	$	-	$	11,970,755

Exchange transactions are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers, while non-exchange transactions are recognized in accordance with ASU 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made.

The following table disaggregates Total Revenues by geographic location:

	For the three months ended				For the six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Africa	$	1,466,356	$	552,570	$	2,811,214	$	1,436,085
Asia		53,592		119,319		270,547		482,607
Europe & Middle East		806,209		1,635,017		3,406,485		3,811,172
Latin America		487,517		780,567		745,536		2,896,963
United States		3,648,436		2,023,699		7,952,687		3,343,928
	$	6,462,110	$	5,111,172	$	15,186,469	$	11,970,755

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 March 31, 2021, the Company reported $0.4 million in deferred revenue, none of which was earned and recognized during the three months ended June 30, 2021. At June 30, 2021, the Company reported $0.4 million in deferred revenue that is expected to be recognized in the three months ending September 30, 2021.