REVENUE

9 Months Ended

Sep. 30, 2021

REVENUE [Abstract]

REVENUE

NOTE 3 — REVENUE:

Disaggregation of Revenue

The following table disaggregates total revenues:

	For the three months ended
	September 30, 2021						September 30, 2020
	Exchange Transactions		Non-Exchange Transactions		Total		Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	9,371,160	$	-	$	9,371,160	$	8,406,457	$	-	$	8,406,457
R&D revenue		441		-		441		1,444,724		-		1,444,724
Government grant income		-		2,400,000		2,400,000		-		209,776		209,776
License and royalty revenue		286,843		-		286,843		211,521		-		211,521
	$	9,658,444	$	2,400,000	$	12,058,444	$	10,062,702	$	209,776	$	10,272,478

	For the nine months ended
	September 30, 2021						September 30, 2020
	Exchange Transactions		Non-Exchange Transactions		Total		Exchange Transactions		Non-Exchange Transactions		Total
Net product sales	$	17,327,204	$	-	$	17,327,204	$	17,914,623	$	-	$	17,914,623
R&D revenue		1,107,808		-		1,107,808		3,546,385		-		3,546,385
Government grant income		-		8,030,000		8,030,000		-		209,776		209,776
License and royalty revenue		779,901		-		779,901		572,450		-		572,450
	$	19,214,913	$	8,030,000	$	27,244,913	$	22,033,458	$	209,776	$	22,243,234

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.

During the three and nine months ended September 30, 2021, the Company recognized government grant income totaling $2.4 million and $8.0 million, which was awarded under a contract the Company entered into with BARDA on December 2, 2020.

The following table disaggregates total revenues by geographic location:

	For the three months ended				For the nine months ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Africa	$	1,293,405	$	1,874,518	$	4,104,619	$	3,310,603
Asia		208,750		168,052		479,297		650,659
Europe & Middle East		1,132,961		2,887,209		4,539,444		6,698,382
Latin America		5,698,920		4,618,560		6,444,456		7,515,523
United States		3,724,408		724,139		11,677,097		4,068,067
	$	12,058,444	$	10,272,478	$	27,244,913	$	22,243,234

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 June 30, 2021, the Company reported $0.4 million in deferred revenue, substantially all of which was earned and recognized during the three months ended September 30, 2021, with the remaining amount expected to be recognized in the three months ending December 31, 2021.