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OTHER LIABILITIES
 6 Months Ended
Jun. 30, 2025
OTHER LIABILITIES  
OTHER LIABILITIES

NOTE 14 – OTHER LIABILITIES

 

As of June 30, 2025 the Company’s other liabilities primarily consist of obligations to local tax authorities, payroll taxes, fines, and other miscellaneous liabilities.

 

The significant components of other liabilities are as follows:

 

 

·

The Company’s Greek subsidiaries have $3,262,923 and $2,552,488 in settled tax liabilities as June 30, 2025 and December 31, 2024, respectively, which are payable in installments to the tax authorities.

 

 

 

 

·

Payroll and other tax-related current liabilities amount to $1,509,881 and $1,191,315 as of June 30, 2025 and December 31, 2024, respectively, and represent obligations due to tax authorities within the next 12 months.

 

 

 

 

·

A provision of $680,937 has been recorded for potential tax liabilities related to the unaudited tax years of SkyPharm S.A., in accordance with ASC 450-20, as the Company has assessed that a loss is probable and reasonably estimable.

 

 

 

 

·

A provision of $434,821 has been recognized for staff leaving compensation, based on actuarial valuations performed in accordance with ASC 715-30 (Defined Benefit Plans – Pension).

 

 

 

 

·

Customer prepayments totaling $183,784 and $363,708 as of June 30, 2025 and December 31, 2024, respectively, are included in “Other Current Liabilities”, in accordance with ASC 606-10-45-2 (Revenue Recognition – Contract Liabilities).

 

Liabilities that are due within 12 months from the balance sheet date are classified under “Other Current Liabilities. “Obligations that extend beyond 12 months are classified as “Other Non-Current Liabilities.”